Aviva has pledged £9m to debt advice charities Citizens Advice and the Money Advice Trust as small businesses start feeling financial pain.
Through its partnership the insurer is pledging £7m and £2m to Citizens Advice and the Money Advice Trust’s Business Debtline service respectively over the next two years.
The partnership will ensure around 50 new Citizens Advice advisers help support as many as 250,000 additional people seeking support through phone lines, webchat and in community settings who may not otherwise have been helped.
It will also ensure Citizens Advice have 50% increased capacity to deliver advice through their website – providing key resources for people before their problems become a crisis.
And an additional team of Business Debtline advisers will help take an extra 25,000 advice calls and appointments.
The debtline is a free service which helps self-employed people and small business owners deal with their debts and take the steps to overcome their financial situation.
Money Advice Trust revealed the service was experiencing a 24% rise in calls seeking help, giving fresh insight into the challenges small business owners face due to rapid and substantial rises in the cost of living.
Amanda Blanc, group CEO of Aviva, (pictured) said: “We’re proud to partner with Citizens Advice and the Money Advice Trust.
“Their incredible staff and volunteers are working flat-out to make sure people across the UK can navigate these challenging times.
“Aviva’s financial support over the next two years will help these brilliant charities get more people and more small businesses back on their feet and build their financial resilience for the longer term.”
Dame Clare Moriarty, CEO of Citizens Advice, said: “We’re seeing huge demand for our services as the cost-of-living crisis piles pressure on family finances.
“Meeting this challenge means we need more advisers to help people navigate their problems, and the very best online resources so everyone can get the information they need on paying bills, claiming benefits and managing their budget. We’re glad to partner with Aviva to make this happen.”
Joanna Elson CBE, CEO of the Money Advice Trust, added: “The cost of living crisis is having a double impact on small business owners – hitting both their personal and business finances.
“With millions of people worrying about the cost of living every day, it has never been more important to ensure small businesses get the advice and support they need. The Money Advice Trust’s partnership with Aviva will help this critical part of the UK economy to look forward with confidence.”