25th November 2020
Having worked together for over two years, Reach Commercial Finance’s Phil Trueman has recently secured a Coronavirus Business Interruption Loan (CBILS) for a Midlands-based supplier of workwear, uniform and safety wear.
Simply Uniform was already an established supplier of personal protective equipment and was looking to offer its services and knowledge to new customers who were being hit with difficulties in procurement.
To do that there was a requirement for some additional working capital over and above the firm’s existing invoice finance facility.
Phil Trueman, of Reach Commercial Finance, who brokered the deal said: “In response to the first initial lockdown period we secured a very small amount of funding from the Government’s Bounce Back Loan Scheme (BBLS).
However, as I know the business well – I’ve been working closely with them for a couple of years and have a very thorough understanding of its financial performance – I didn’t think that the amount was enough to support the business and maximise opportunities.
“So, I spoke to the owner about alternative means of funding that would give it best chance to deliver his vision to provide an important supply chain link in a fast moving market.
“I knew exactly which lender to go to and what information they would require to secure the deal. £60,000 CBILS funding was approved, which we’re confident will be sufficient to support Simply Uniform’s growth and enable it to compete effectively in the PPE market.”
Simply Uniform’s Managing Director Matthew Harrison said: “We’ve worked with Reach for a couple of years and trust and value the funding advice that Phil and the team give us.
“As is the case with many businesses, the Coronavirus pandemic forced us to examine how we work and what we offer. Fortunately, we’re very agile and entrepreneurial in our approach and we are surrounded by specialist partners like Reach who supported our loan application to ensure we were best placed to get it approved. The process took just over a month, which was hugely reassuring at such a stressful time and enabled us to move in a new direction.”
“Between us, I’m confident that we can now withstand these trying times, take advantage of its potential in PPE sector and emerge prosperously on the other side.”
Find out more about Reach Commercial Finance’s approach to securing lending for SMEs here. Testimonials from some of its clients and partner lenders can be found here.