7th October 2020
Reach Commercial Finance has helped clients secure over £7.5million of Coronavirus Business Interruption Loan Scheme (CBILS) and numerous countless BounceBack Loans in recent months. One of them is a Midlands-based manufacturer and distributor of wall solutions to the construction industry.
Despite having operated very successfully for over eight years, during the lockdown period – when revenue was lost and cashflow disrupted – it required £150k funding support.
The CBILS loan is also now providing a much-welcomed safety net as the business gets back on its feet now lockdown is lifted. And nothing has to be paid back for 12 months.
As a previous client – Reach provided finance facilities for growth three years ago – the client was contacted about CBILS shortly after the scheme was introduced back in March.
The specialist brokers then liaised with the client to obtain the necessary information, which was submitted just ten days later. The following day, an offer was made to the client and funding was received after just one week.
Reach Commercial Finance worked with Funding Circle to secure CBILS funding for this client. It is one of 40 accredited scheme lenders operating through the British Business Bank.
Chloe Beare, Senior Business Development Manager at Reach, secured the loan. She said: “With the deadline for CBILs now extended until 30th November, this particular case is just one example of how asking the right specialists for support really can help a business in these unprecedented times. And there’s now more time for more businesses to do so.
“I enjoy a longstanding relationship with this client and, knowing that they were in need of a little support, I contacted them about Funding Circle offering CBILS. It was an option they were looking at anyway.
“We helped them in their application – submitting some basic information – and a decision was made, and loan application confirmed within 24 hours.
“This funding has made such a positive impact on the client’s business that I encourage all SMEs out there that are in need of some support, at what are very testing times, to consider CBILS. And there are specialist brokers at hand, like us, who can facilitate the process to make it even quicker and easier.”
Reach Commercial Finance is an independent financial brokerage with a wide range of experience in helping limited companies and corporate entities secure funding. It is part of Leonard Curtis Business Solutions Group.