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April 6, 2020

International Islamic Trade Finance Corporation provides US$850m

Societies and economies are being affected by the unprecedented and unpredictable nature of the COVID-19 pandemic. These include a major shift in global trade routes, changes in consumption and extraordinary levels of monetary easing and stimulus packages at a scale never experienced before. The International Islamic Trade Finance Corporation (ITFC) is moving quickly to consolidate efforts to mitigate the socio-economic risks that the virus poses to all our stakeholders in member countries of the Organization of Islamic Cooperation (OIC).

As we assess how COVID-19 affects the work we do and the impact on member countries, ITFC is engaging closely with government stakeholders, partners, businesses and the financial institutions we work with. That dialogue enables us to respond in a coordinated manner to soften the economic fallout. This is in addition to practical measures that have already been taken.

ITFC has moved quickly to put in place emergency financing measures to ensure that member countries continue to receive the support needed. Our COVID-19 ‘Rapid Response Initiative’ (RRI) has made US$ 300m immediately available.

ITFC is also responding to the different requests made by member countries to provide immediate crisis-related technical assistance programs, including capacity building for medical personnel and capacity enhancement of laboratories. ITFC is also assisting in sourcing medical equipment and medicines from its network.

These funds are being directly funnelled towards eligible OIC member countries in most need of support – for critical supplies of energy, healthcare, food security and other life support requirements. ITFC is in continuous consultations with OIC member countries to ascertain their most pressing needs as the pandemic unfolds.

An additional fund – the ‘Recovery Response Program’ (RRP) – earmarks another $550m for deployment over the next two years. The RRP is aimed at fixing the socio-economic damage which is expected to last longer than immediate impact of the virus.

ITFC is actively engaging international, regional and local partners as a strategic means of scaling these interim financing measures to contribute to the critical needs of the member countries and where necessary, on the mobilisation of trade development support services during the pandemic. This includes helping OIC member countries with strategies for the control and production of healthcare facilities.

ITFC employees continue to work remotely through virtual platforms and other online means of communication, to ensure business is running as usual. We remain fully engaged and responsive to the business and socio-economic needs of the many millions of people we serve.

Whilst the challenges and impact of COVID 19 continue to evolve, we are certain by uniting and standing in solidarity with our member countries, we will overcome the crisis.

April 6, 2020

Ducati Manchester secures funding through Santander

Ducati Manchester has secured funding from Santander Corporate & Commercial and the Government’s Coronavirus Business Interruption Loan Scheme (CBILS) to help it get through the coronavirus pandemic.

Santander is providing a capital repayment holiday on Ducati Manchester’s existing loan and a new £200,000 overdraft through CBILS, which is part of a package of government support for UK businesses and employees affected by the pandemic.

Ducati Manchester is the largest Ducati dealer in the UK and was named Ducati Dealer of the Year in Europe in 2019. It opened its first store in 2002 and sells Ducati motorbikes from four showrooms in Preston, Manchester, Stoke and Worcester, as well as Ducati clothing and accessories online.

The coronavirus pandemic, and the resulting social distancing measures introduced by the government, have suppressed Ducati Manchester’s ability to trade. However, the capital repayment holiday and the new overdraft through CBILS will help it continue to pay its ongoing costs throughout the duration of the UK lockdown.

Chris Booth, managing director, Ducati Manchester said: “As soon as the government launched CBILS, I contacted my Santander relationship director, Peter Kennedy, to find out if it was a viable option for us.

Santander has been brilliant at arranging the CBILS loan for us while I was busy making arrangements to secure the future of the business and our employees. The CBILS overdraft and the payment holiday on our existing Santander loan have given us a crucial buffer. Everything was agreed and arranged within a week, and the service I received from Santander has been exceptional. It’s just what businesses need from their banking partners in this time of unprecedented uncertainty.”

Peter Kennedy, relationship director, Santander Corporate & Commercial said: “Ducati Manchester has been our client for two years and it’s a top-quality business with a bright future. The pandemic has constrained its ability to operate and sell its products, so we are pleased to be able to help it get through this with the CBILS overdraft and the capital repayment holiday on its existing loan. During this period of extreme uncertainty, we’re working very hard to support our clients and help them to manage their cash flow.”

For more information about the support available to businesses impacted by the Coronavirus pandemic, please visit our website www.santandercb.co.uk/coronavirus. This is updated regularly and has tips and advice on how to prepare your business and links to Government support schemes.

April 6, 2020

Quantuma makes double partner promotion to support growth trajectory

Business advisory firm Quantuma has promoted both marketing expert, Marie Wadeson and restructuring specialist, Simon Campbell to the position of Partner.

Marie joined the firm as head of marketing in 2016. She has more than 15 years’ experience in senior positions, including eight years at global accounting and audit firm Mazars where she was responsible for national marketing activities and stakeholder management.

During her time at Quantuma, Marie has been responsible for driving the growth of the business through setting and delivering the firm-wide corporate marketing strategy and overseeing strategic business development activity. Marie will continue to lead the growing marketing team through Quantuma’s next stage of growth in the UK and overseas.

 

 

Simon has taken up the role of partner in Quantuma’s Southampton office, where he will work alongside existing partners, Andrew Watling and David Meany to bolster the firm’s presence in the South. He has spent four years at Quantuma as a director, specialising in restructuring, insolvency and corporate recovery.

Prior to joining Quantuma, Simon held positions at Grant Thornton and, most recently, he spent almost 10 years in senior positions at a boutique restructuring firm. His sector expertise includes technology, property, logistics, agriculture and professional and business services.

Marie Wadeson, partner at Quantuma, said: “In the professional services sector, it is less common for those in non-fee earning roles to secure partnership roles, so this promotion is a real achievement for me personally.

“Quantuma is a people-led business that is not afraid to break with convention, and I am looking forward to continuing to develop our challenger brand as we grow at a rapid rate, both in the UK and in strategic overseas markets.”

Simon Campbell, partner at Quantuma, said: “I am delighted to have been admitted to the partnership at such a unique firm. I have enjoyed being part of Quantuma’s stella growth since I joined four years ago, and I am looking forward to working with Andrew Watling and David Meany to further develop the firm’s presence on the south coast and beyond.”

Carl Jackson, managing partner of Quantuma, said: “There is nothing that gives me greater pleasure than to develop our homegrown talent through to partnership. Over the last few years, Simon has secured and delivered some outstanding returns for stakeholders and investors on a range of challenging and complex real estate instructions and has developed a real niche in acting for investors in failed property schemes.

“Marie is an invaluable member of the team. She has been critical in the growth of the entire business through the marketing and business development functions, as well as building a strong in-house marketing team. She has spearheaded the communication of our recent overseas expansion into Cyprus and Mauritius, as well as several important acquisitions in the UK.”

Founded in 2013 by Carl Jackson, Quantuma has grown to become a £25m practice employing 250 staff. Headquartered in London, the company has a strong presence in the South of England, with locations in Southampton, Marlow, Watford, Brighton, Scotland and Bristol.

These promotions follow significant geographical expansion in the last 18 months for Quantuma. In April 2019, the firm merged with Kingsland Business Recovery, which saw it take over offices in Bradford, Birmingham and Nottingham. Quantuma also expanded internationally with new offices in Cyprus and Mauritius. It recently merged with WRI Associates in Glasgow to mark its first presence in Scotland office, and acquired Bell Advisory in Manchester.

April 6, 2020

Family-run baker rolls out delivery service to help community in need

Family-run bakery chain, Cooplands has increased its bread production and started providing local deliveries to communities across Yorkshire and the North East, with the support of Lloyds Bank.

The 135-year old business operates a network of 172 bakery shops and cafes across the North, with more than two thirds of those that support residential communities remaining open during the national lockdown.

To ensure local residents can receive food items – including essential items not typically stocked by Cooplands – the business is now distributing food packages to customers within 10-15 miles of its three main production sites in Durham, Hull and Scarborough.

The business has been able to pivot its operations to better serve community need with the full support of Lloyds Bank after it secured a flexible funding facility from the lender. The business has also increased bread production at its three main production facilities to meet demand.

Belinda Youngs, chief executive at Cooplands, said: “We have a long history as a community-focused business, bringing local produce and baked goods to families across Yorkshire, Lincolnshire and the North East. Our ambition is to quite literally put bread and other staples on the table during these challenging times and it’s only possible for us to react to changing market conditions as quickly as we have with confidence in the support of our bank.

“The team at Lloyds Bank has been exceptionally fleet-footed in putting the conditions in place for our cashflow to remain in good health. In addition, while we have regrettably had to furlough some employees associated with our cafes, mobile food vans and city centre shops that don’t serve residential communities, the new funding will ultimately preserve those jobs in the long-term.”

Hannah Douglass, relationship director at Lloyds Bank, said: “We remain committed to being by the side of businesses, especially during this challenging and unprecedented period. As such, we’re working closely with government to provide the short and long-term funding needed by businesses both large and small. This includes setting aside £2bn of arrangement fee-free finance to help firms affected by COVID-19.”

April 6, 2020

Nucleus CF strengthens presence in the Midlands

Nucleus Commercial Finance today announces the expansion of its business development team in the Midlands with the addition of Stuart Smith as business development manager. Stuart brings with him 14 years’ industry experience and will play a key role in Nucleus’ growth in the region.

Stuart joins Nucleus from his most recent role at HSBC, where he was a senior commercial manager, covering the Midlands. In this role, he supported client cash flows via a number of different product suites to ensure client growth for SMEs both nationally and internationally. He also brings with him experience in handling complex deal structures and supporting introducers with various types of lends.

Stuart will be based in Greater Birmingham and will be responsible for expanding Nucleus’ cashflow finance proposition in the Midlands, with a focus on building existing relationships and also forging new partnerships with introducers across the region.

Stuart Smith, business development manager, Nucleus Commercial Finance said: “This is an exciting time to be joining a company that is placing real focus on offering alternative financing solutions in the Midlands. Nucleus not only has a strong reputation in the industry in delivering solution led finance, but it has the ability to efficiently turnaround deals. This role will enable me to work with introducers to deliver bespoke solutions to clients and give me the chance to do what I enjoy doing most, providing introducers and clients cash flow support fast.”

Chirag Shah, CEO, Nucleus Commercial Finance added: “Now is a challenging moment for businesses across the country and SMEs need financial help throughout these unprecedented times. Stuart’s appointment strengthens our presence in the Midlands and ensures we continue to provide important support for businesses in this region.”

April 6, 2020

NHS PPE provider ramps up supplies to frontline

A Croydon-based provider of medical supplies to the NHS and healthcare distribution companies is ramping up supplies of PPE with support from Lloyds Bank after having an increased funding package approved within 45 minutes.

BlueKit Medical sources and provides surgical and medical equipment for use by NHS staff and private healthcare providers.

Lloyds Bank has provided a funding package that has allowed the firm to respond to increased demand for equipment including face masks, gowns and gloves.

The funding is also being used to ensure that the equipment can be delivered faster. The products, which are normally shipped, are being flown in to speed up their availability to frontline staff.

BlueKit Medical sources and delivers surgical and safety equipment to NHS service providers through its global network of manufacturers. The business was founded in 2012 to provide medical equipment to public and private healthcare operators and has been a Lloyds Bank customer since then.

Rebecca Porter, managing director at BlueKit Medical, said: “With demand for medical supplies available to the NHS at record levels, it followed that we’d have to increase the quantity of products we’re shipping from abroad.

“The flexibility and advice offered to us from Lloyds Bank, as well as the speed and efficiency across their teams to increase our funding at short notice, means that we’re able to support frontline NHS staff when it’s most needed.”

Mark Burgess-Clements, business banking manager at Lloyds Bank, said: “These are unprecedented times and support is needed for businesses and organisations across public and private sectors.

“When BlueKit Medical got in touch to ask for support to help fund extra supplies for use by frontline NHS staff, we knew time was of the essence. We’d spoken to the customer and agreed to provide it with the capability to place a large order within two hours – testament to our commitment to being by the side of businesses at this time.”

April 6, 2020

44 per cent of SMEs in Hong Kong sought external funds for survival before Covid-19

The 11th APAC Small Business Survey conducted by CPA Australia reveals that 44% of small businesses in Hong Kong had sought external funds for survival in 2019, while 25% of respondents experienced difficulties in paying debts last year and 29% expected the difficulty to continue. This suggests that nearly three in ten of small businesses in Hong Kong expect to have immediate and severe liquidity issues in 2020 even before the COVID-19 pandemic.

Only 37% of surveyed small businesses in Hong Kong reported that they grew in the past 12 months, the lowest on record and down by 19% from 2018. However, 61% of small businesses had sought external funds with 44% for survival, which is the only surveyed market where the percentage of businesses that required external finance was higher than the percentage of businesses that reported growing.

Mr. Janssen Chan, CPA Australia’s deputy divisional president 2020 and chairperson of SME Committee in Greater China indicated that according to the survey findings the challenges for Hong Kong small businesses were very difficult in 2019, “We have seen that the businesses in Hong Kong had experienced a lot of challenges last year, but the situation was worse than I expected. 25% of respondents experienced difficulty in paying debts in 2019, while 29% expected these difficult circumstances to continue in 2020. This implies nearly three in ten of Hong Kong small businesses expect to have cashflow problems this year.

n addition, since the COVID-19 outbreak, we foresee a higher percentage of small businesses may collapse in the next 3 to 6 months as a result of a sharp decline in business turnover and the lack of positive cash flow to stay afloat.”

“While small businesses in all surveyed markets were most likely to access external finance for the purpose of business growth, the percentage of Hong Kong’s respondents accessing external funds for survival was the highest amongst all markets in the APAC region. Political instability (44%) and poor overall economic environment (37%) were the biggest negative factors impacting Hong Kong businesses last year. Coupled with the COVID-19 pandemic this year, the present situation for Hong Kong small businesses has become even more severe, and many will struggle to survive this crisis.”

Chan commented, “We note that the Hong Kong Government has introduced a series of relief measures to address local SMEs’ financial burden including low-interest loan schemes, reduction of profits tax, introducing utility subsidies and cash handouts to incentivise domestic consumption.

These measures are very timely and will relieve the financial burden of many SMEs – particularly those carrying bank loans. The Hong Kong Monetary Authority’s recent cutting of the CCyB rate, the principal moratorium policy launched by various banks in Hong Kong and the recently launched 100% loan guarantee under the SME Financing Guarantee Scheme may also relieve current debt pressure on SMEs.”

Considering only 26% of respondents expect their business to grow and 73% of all surveyed respondents have intentions to access finance in the next 12 months even before the COVID-19 pandemic, CPA Australia recommends that the small business owners should consider evaluating the existing corporate leverage ratio and forecasting sales revenue before accessing new external finance.

Like other countries globally, small businesses in Hong Kong have been severely affected by the COVID-19 pandemic. In particular, small businesses in the retail, catering and tourism industries have been facing many challenges in operating brick-and-mortar businesses.

“Given the results of profitability from the investment of technology and doing businesses online in Hong Kong are below the average amongst the surveyed markets in 2019, there is a significant room for improvement. It is time for the Hong Kong small businesses to consider transforming their business to respond to changing consumer behaviour and technological trends.” Chan said.

Only 43% of respondents in Hong Kong said they had generated more than 10% of their income from online sales last year, compared with 82% in neighbouring Shenzhen and 86% in Guangzhou. Further, compared to only 30% of respondents in Hong Kong, over 60% of respondents in Shenzhen and Guangzhou stated that their investment in technology had made their business more profitable.

“Small business owners in Hong Kong should consider learning from the experience of doing businesses online in these cities in the Greater Bay Area and exploring investment in technologies that are helpful to boost business growth. In the long term, they should also consider cooperating with business partners in these cities and expanding the businesses outside the Hong Kong market. With a viable new business plan, small businesses in Hong Kong would have a higher chance to gain finance and investment.” Chan suggested.

For small business owners in need of financial support to sustain their business, Chan recommends “utilising technology and digital tools to improve cost control and increase sales revenue, and at the same time, prioritise adjusting business models to prepare for external challenges. In addition, the launch of virtual banks in Hong Kong provides a new channel for SMEs to seek external finance. Small businesses with resilience and flexibility under adverse economic conditions will remain competitive and eventually manage through these tough times” Chan said.

 

 

April 6, 2020

Automotive needs urgent access to finance

SMMT is working hard to support members – and the entire automotive sector – and address the immediate challenges presented by Covid-19. This means working with other trade bodies at home and abroad at times, to coordinate efforts, but also daily dialogue with government. It is important we provide feedback to government on how its programmes to keep business going are operating – whether or not they are delivering as intended – but also how they should be refined for our requirements.

We know government is fielding an incredible number of questions and queries currently and we are trying to ensure programmes such as the Job Retention Scheme are fit for purpose, that they safeguard long-term employment and enable struggling businesses to remain viable.

The most immediate challenge, however, is access to finance. Companies of all sizes need liquidity and need it urgently. We were pleased to see government respond to some of our concerns by today making significant enhancements to some of the measures currently on offer for business impacted by the coronavirus.

The chancellor’s announcement that he is to launch a second business interruption loan scheme – the Coronavirus Large Business Interruption Loan Scheme (CLBILS) – to support more mid cap companies is welcome, as are the increased flexibilities in the scheme, in particular obviating the need for personal guarantees and the requirement that eligible companies obtain standard commercial loans in the first instance.

There are still significant challenges, however. Heavy demand for business support is causing delays and many larger companies – including inherently healthy, major automotive companies on which the whole industry depends – may not meet the investment criteria of the Covid Corporate Financing Facility (CCFF). This cannot be what the chancellor intended when he announced the scheme and reports that this initiative is to be “finessed” are welcome, but this must come quickly.

On a more positive note, government funding for the bus industry is extremely welcome, as we must keep all essential businesses and services alive and moving.

Even in the face of this unprecedented adversity, however, the automotive industry is doing what it does best – turning its vast expertise and every available resource to making a difference where it is most needed. This is not the first time the industry has helped in the country at times of crisis. During WWII, for example, many manufacturers turned their expertise to making planes, engines and military vehicles.

With vehicle production now paused nationwide, and showrooms closed, the sector is now focusing its efforts in extraordinary ways. A shining example of this is the work of the Ventilator Challenge UK Consortium, announced this week. This group brings together significant UK technology, industrial and engineering businesses from across the aerospace, automotive and medical sectors with a shared goal to scale up production of ventilators for the NHS – and it is now working at full speed.

Elsewhere, car brands and retailers are diverting resources to help, from loaning vehicles to deliver medical supplies and groceries, to supporting front-line public services and charities supporting society’s most vulnerable people, as well as making available production facilities to develop prototype PPE equipment.

April 6, 2020

Saudi Arabia turns to e-commerce during Covid-19 outbreak

Restrictions on movement and trade as a result of the Covid-19 pandemic have led to a significant shift in consumer behavior in Saudi Arabia, with locals increasingly turning to digital channels.

Worldwide, cases of Covid-19 have risen to 859,000 and 42,000 deaths have been attributed to the virus as of the morning of 1 April. However, Saudi Arabia has seen relatively few infections, with 1563 cases and 10 deaths to date.

The Kingdom recorded its first case of Covid-19 on March 2, and the first virus-related fatality – a 51-year- old Afghani resident in the country – on 23 March.

The first death coincided with the introduction of a 21-day nationwide curfew, also announced on March 23, which prohibits people from leaving their homes between the hours of 7.00pm and 6.00am.

This was followed two days later by a tightening of measures designed to stop the spread of the virus.

The government announced a lockdown of the capital Riyadh and the holy cities Makkah and Medina. It also extended the curfew in all three places, bringing forward the start time to 3.00pm, while forbidding movement between all provinces in the Kingdom.

In terms of international movements, all international flights were suspended on 15 March for a period of two weeks, although this could be extended.

Significant boost for e-commerce

Despite the comparatively limited medical impact on the Kingdom, the threat presented by the virus – alongside efforts to maintain social distancing – has led to a significant shift in lifestyle and consumer habits, with e-commerce experiencing a rapid spike in growth.

In late March local online retailer BinDawood Holding told local media that, since the escalation of the Covid- 19 crisis, its average sales on a 10-day basis had increased by 200%, while its average order value rose by 50% and app installations by 400%.

The company has two e-commerce platforms – BinDawood and Danube – which are connected to their respective supermarket and hypermarket chains, enabling customers to purchases groceries and other goods online.

While the economic impacts of the virus have seen many businesses close and millions of people lose their jobs globally, BinDawood officials say the rapid growth in activity has helped the company buck these trends.

All of the company’s 72 stores remain open, including the newest Danube store, which opened last week in Riyadh’s Al Andalus district. The company has also hired more packers and drivers to keep up with demand for online deliveries.

Elsewhere, fellow Saudi grocery delivery app Nana has also benefitted from the recent turn towards online shopping, raising $18m in a Series B funding round in late March to expand operations across the Middle East, with investors including venture capital funds Saudi Technology Ventures and Middle East Venture Partners. This follows a Series A funding round that raised $6m last year.

The company has expanded capacity three-fold following a surge in demand associated with the Covid-19 outbreak. This is expected to continue in light of the Saudi government’s decision to impose tighter curfews in major cities.

Looking ahead, retailers may need to adapt their supply chains in response to shifting market dynamics. “Vertical integration is a pivotal development strategy, especially considering the recent spike in demand for e-commerce and fresh food delivery, which Saudi Arabia’s supply can hardly meet,” Seifallah Sharbatly, managing director of Sharbalty Fruit, told OBG.

Sector growth targets

The emergence of online retail, albeit during a time of crisis, aligns with some of the goals of Saudi Arabia’s overarching strategies.

As part of the Financial Sector Development Programme – itself part of Vision 2030, the Kingdom’s long- term development plan – the government hopes to increase the proportion of online payments to 70% by 2030, up from the 2020 target of 28%.

To help incentivise this growth and ensure long-term sustainability in the segment, the government has also sought to improve the regulatory framework.

In October last year the government implemented the E-commerce Law, designed to regulate digital payments and improve transparency, while on January 31 the Ministry of Commerce and Investment adopted the Implementing Regulations of the E-commerce Law, adding increased oversight to areas such as personal data protection, consumer rights and disclosure obligations.

Broader economic impact

Aside from e-commerce, the Covid-19 pandemic has had significant impacts on other parts of the Saudi economy. Above all, the outbreak of the virus has led to a significant drop in global demand for oil, which resulted in the price falling from yearly highs of just under $69 per barrel on January 6, to $26.82 by the end of March.

Given that oil was responsible for an estimated 63% of national revenue, according to IMF projections, the sharp fall in prices is set to place significant pressure on government budgets.

“The impact of Covid-19 – and the most recent drop in oil prices – on foreign trade will affect the Saudi balance of payments this year and beyond. The magnitude of this impact will largely depend on Saudi export oil prices,” Hans-Peter Huber, chief investment officer of investment bank Riyad Capital, told OBG.

“On the other hand, as there are major travel restrictions in place globally, the virus will affect both inbound and outbound tourism, so the direct net impact of Covid-19 on the trade balance should be relatively small. Furthermore, the lower oil prices and virus-related lockdown should lead to lower domestic growth, which in turn has a dampening impact on import demand.”

Furthermore, the Economist Intelligence Unit has forecast that the Saudi economy will contract by 5% this year, down on initial predictions of 1% growth.

 

April 6, 2020

Why SMEs need cybersecurity during lockdown

With thousands of organisations moving staff to remote working, businesses are left at increasing risk of cyber-attack.

Cyber criminals are exploiting the emergency working measures with estimates of around a 400% increase in phishing attacks on home workers since the coronavirus pandemic struck.

Make UK is partnering with cyber security experts, Assured Cyber Protection (ACP) to provide immediate cyber protection solutions supported by ‘protect yourself today, pay later’ payment plans in a move to help companies shield themselves at pace. The software will protect against phishing and email scams with sophisticated malware detection in place to isolate compromised machines. Continuous real-time monitoring and diagnosis of risks run 24-hours a day to alert management and staff of any issues before they take hold.

The partnership with ACP will bring immediate, comprehensive and multi-layered protection that can be remotely and quickly deployed. This will be supported with a delayed payment plan of six months that enables businesses of all sizes to protect its remote workforce and critical data.

The services will be offering ACP’s Remote Worker Cyber Protection solution which automatically detects cyber threats on each device connected to the company’s network whether from home or any other third-party network.

Some 64% of organisations have experienced a phishing attack in the past year according to Check Point’s Research Security Report 2019. Only last month, cyber criminals disguised themselves as the World Health Organisation (WHO) to steal money or sensitive information, taking advantage of the current global crisis.

Stephen Phipson, chief executive of Make UK, said: “Not being able to rely on their on-premises defences and firewalls, remote working has always been a major security weakness for organisations.

“Cyber security is more important than ever; proactivity is key. Make UK’s priority is to keep employers and employees safe and protected without the worry of additional financial outlays.”

Mitchell Scherr, CEO of ACP added: “We have the technology but what is critical is for companies to act now. Every CEO today is facing a new set of financial pressures and what was a priority for me was to find a financially viable way for companies to protect themselves fully and immediately.”

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