Tenet says in light of the current credit crisis and the banks’ “general unwillingness or inability to support small firms”, it has stepped in to provide alternative funding for its members.
The loans will be made from its own financial reserves and monies can be granted to support member firms through the current tough trading environment or to firms looking to develop and take advantage of future opportunities.
Tenet says it has also received a number of requests for transitional support as more firms implement plans to move away from initial commission, but need to manage the cashflow impact on their business.
Distribution and development director Keith Richards says: “Tenet’s success over recent years has delivered a profitable model with no debts and significant cash in the bank, enabling us to offer financial support to our members when other traditional avenues may not be available.
“Our funding programme has been implemented to help quality IFA firms both survive and prosper in the current climate.”