Business Renewals

OFGEM to tackle Rogue Energy Brokers?

Eon renewable energy

For many years businesses have feared the phone ringing with unregulated energy brokers plaguing small to medium businesses with continuous uninvited sales calls many with dubious promises and hard sell tactics designed to generate huge profits at the expense of the SME.  Despite the clear necessity to regulate this financial market OFGEM has repeatedly refused to get involved and has allowed many small businesses to suffer with rates up to double what should be expected.

The following proposals have now been provided by OFGEM that will give some protection from mis-selling and excessive profiteering by greedy energy brokers.

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Business Renewals

Business Energy Suppliers Update

Eon renewable energy

With many business energy contracts due for renewal in the Autumn window many will be shocked at how COVID-19 has reduced the options available to them when it comes to choosing both suppliers and contract terms.  Although wholesale prices have fallen in the last 4 months suppliers have been looking to protect themselves from debt and risk sectors which is leaving many businesses wondering where to look for their next contract.

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Business Renewals

Bounce Back Loan Scheme

COVID 1

As of the 4th May 2020 Micro-businesses and SME’s will be able to apply for the Bounce Back Loan Scheme which can offer up to £50,000 within 24 hours.  The criteria set is almost self-certifying with little checks being carried out by the banks and all loans are interest free for the first 12 months with the balance likely to be charged at a rate of 3% which is around half the rate set in the Coronavirus Business Interruption Loan.

In the main, the Bounce Back Loan Scheme will work as follows:

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