NAFD negotiates enhanced banking package
Following a review of what the clearing banks can offer in respect of small business banking, the National Association of Funeral Directors (NAFD) has enhanced its membership benefits package by concluding an agreement which encompasses all aspects of business banking, including asset finance.
The Association conducted a review of typical requirements – including willingness to lend, speed of decision, security requirements, interest terms and other associated lending fees, as well as funeral sector expertise and the availability of a supportive business manager who is willing to discuss specific problems and offer proactive guidance – before negotiating a package with Lloyds TSB Bank.
“While many small business owners speak with their personal bankers, because they have the advantage of an established track record, this is not necessarily the most appropriate way of supporting their long term business plans,” says NAFD chief executive officer Alan Slater.
“Having determined the typical requirements of the start up business and the general banking needs of the smaller funeral director, we have researched what the banks have to offer and
put together a package which will deliver what members want and save them having to shop around.”
Under the terms of the agreement with Lloyds TSB, NAFD members will be looked after by an experienced member of the Bank’s HealthCare team, which encompasses some 57 specialists located throughout the UK.
NAFD members who switch to Lloyds TSB from a competitor bank will receive an introductory ‘no service charge’ for a period of 12 months – double the normal period – while any borrowing will be made available at the best rates possible and the bank will charge a maximum of half the standard arrangement fee.
Goodwill lending is available, along with partnership ‘buy-in’ and potential ‘Succession Loan’ and Lloyds TSB will provide help with banking issues on conversion to LLP or incorporation. NAFD members also benefit from no upfront fees and preferential rates on Asset Finance purchases for vehicles, while those with new finance requests have direct access to a team of experienced business development managers who understand funeral directors’ finance needs.
The package also includes an optional free annual financial review covering life assurance and pensions with an experienced Commercial Financial Planning Specialist and access to the services offered by Lloyds TSB Private Banking.
“This agreement with Lloyds TSB Bank is another example of how, using the Association’s resources and standing in the marketplace, we are able to negotiate the most favourable terms for our members,” says NAFD chief executive officer Alan Slater.
“This enhancement to our benefits package is the first of many that we anticipate will be concluded during the coming year.”