NMT Discussions: Navigating the lending landscape during Covid-19
Taj Heer, co-founder and director, Bright Minds Daycare
Mohith Sondhi, senior director, debt finance, OakNorth Bank
The financial downturn caused by Covid-19 has sent shockwaves across the world. However, like every recession, some things remain the same: banks reassess terms and lending criteria to mitigate risk, and they do so based on the unique situation, as well as by drawing on lessons from a past financial crisis.
Joining us are Mohith Sondhi, senior director, debt finance at OakNorth Bank and Taj Heer, co-founder and director of Bright Minds Daycare who have worked together to support the growth of Bright Minds Daycare.
Despite the financial challenges, OakNorth Bank is committed to supporting nurseries across the UK. Its lending criteria has remained largely the same and if a setting has an experienced management team and realistic projections for the future, the bank is keen to work with them.
For nurseries, there is still an appetite for growth but finding the right bank to work with can be a stressful process.
Our panellists discuss the current lending landscape, how it has impacted the early years sector and why Bright Minds Daycare chose OakNorth Bank.