The loans will be made from its own financial reserves and will be granted to support member firms through the present tough trading environment or to firms looking to develop and take advantage of opportunities. It has also received a number of requests for transitional support for firms moving away from initial commission.
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.”
But Threesixty partner Phil Young says: “We are more interested in providing practical help to firms in their transition and helping them to structure their business plans properly.”
Money Portal head of strategy and distribution Alan Easter says the firm will not be following Tenet’s move.
He says: “Considering that the current situation has been caused by debt, it is amusing to see that the cause of the problem is being used as the solution.”