Tenet £1m loan support to members
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Tenet says it has provided almost £1m in loans to support its adviser firms.
Distribution and development director Keith Richards says the group stepped in to support adviser firms after it become clear that credit from the banks would remain in short supply.
He says the majority of the loans have been used to fund acquisitions and business development but have also provided support with short-term cashflow problems.
He says: “The demand has really increased in recent times on acquisition and business development opportunities, where some advisers are looking to exit the market and are looking to join up with a like-minded firm and perhaps looked at a phased exit over the next few years. We are intent to look to continue funding that.”
Richards says the group is reasonably flexible in terms of how the loans are structured to advisers.
He says: “In some instances, we are happy to take a lower amount in the first 12 months and then phase it over the remaining 24 months, for example. Each loan is designed around the individual needs of each firm.”
He says the firm will continue to offer this facility until credit conditions improve.
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