The Coronavirus pandemic took rapid hold of the UK economy and the impact of social distancing measures plunged the sector in to difficulties. This business was robust and had quickly assessed the likely impact of the pandemic on their income streams.
The UK Government announced the introduction of the CBILS. We were engaged to support out client with their application. This application could potentially go to a number of lenders, starting with their current bank. The on-line Capitalise platform has access to a number of accredited CBILS lenders which we are able to tap in to.
We supported our client in respect of short and medium cash-flow forecasting, we acted as a conduit between the bank and our client. We ensured all documentation submitted to the bank pre-application met the criteria required by the bank, including interest cover, affordability and serviceability requirements.
Offers were provided by a number of suitors. Lending of £0.5M was eventually secured and has provided the company with valuable cash flow to support the business through the coronavirus pandemic and beyond.