A message from our CEO
As the COVID-19 outbreak continues globally, uncertainty and disruption have become the temporary norm for many businesses and communities. Our hearts and thoughts go out to those who are affected during this unprecedented event.
At BFS, we are paying careful attention to guidance from the CDC, WHO, and all government agencies as we continue to monitor the situation and its impact on the financing community and the small businesses we serve.
Serving our customers and partners
Though the three markets in which we operate are facing a great deal of macroeconomic uncertainty, we are seeking to balance a number of key criteria:
- Are we able to make our lending decisions, fairly and objectively, and can we validate that a customer can afford to repay their loans?
- Are we doing everything we can to support our current customers in the challenges they will face in the next days, weeks and months?
- Are we doing everything we can to be prepared as a company to help small businesses rapidly re-build their businesses on the other side of this crisis?
Given how quickly the situation is evolving, we have made the difficult decision to temporarily suspend on-boarding new customers. There are simply too many variables in play right now for us to be able to accurately and objectively evaluate new applications.
As soon as we have enough information to model the duration and impact of the COVID-19 crisis, understand legislative frameworks, and are confident we can adequately assess risk as we evaluate new applicants, we will return to accepting new customers. We’re doing everything we can to make that happen sooner rather than later. We’re engaged with our peers and the broader industry through the ILPA and the CLA to partner with government agencies to develop strategies to support our community.
In the meantime, we are prioritizing funding existing customers. If you are an existing customer, and you are seeking additional funds, or your business is being impacted in some way by the current situation, please reach out to us to let us know how we can help.
If you have a request for support, please reach out to our Customer Success team.
Ensuring business continuity
Our focus is on maintaining uninterrupted service and constant communication with our partners and customers during this and other challenging events.
As a global company with a geographically dispersed executive and operational team, a flexible, remote-enabled workforce, and a cloud-based IT infrastructure, we are prepared to manage a wide range of business continuity challenges. Over the past year, we have increased our investment in the technology and infrastructure that now enables all of our employees, across all business functions and all locations, to work remotely.
Taking care of our people
As mentioned above, we are carefully following guidance from relevant agencies and authorities to ensure the health and safety of our employees and communities.
At this point, we are in full work from home mode across all of our locations. We have placed a moratorium on all travel.
We’re adjusting PTO, remote work, sick leave, and other policies to make sure our employees are supported if they or their families are impacted by the outbreak.
We’re in this together
We are all in this together. We understand and appreciate the important role we, and our peers, play in providing the fuel for small businesses, and we take that responsibility seriously. We continue to actively monitor the situation and are constantly looking for creative ways to continue to provide critical funding to our communities.
Mark Ruddock, CEO, BFS Capital
We’re here for you.
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