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TVAF 7 West Mills Yard, Newbury, Berkshire, RG14 5LP
A newly established leisure company with an outlet in West Berkshire and another recently opened in central Reading, our existing client has sadly remained closed for much of the last 12 months. Like many ‘bricks and mortar’ businesses, our client had to cover their fixed costs such as heating, water, electricity, rent and rates while they were unable to open their business and generate any income.
Having already taken out an initial £50,000 bounce back loan with the British Business Bank, we were able to provide a sensible solution to help this hard-working and highly profitable business remain cash-flow fit until such times as they could reopen again.
When the second lockdown hit in November 2020, TVAF approached the Directors to offer the business a CBILS loan. This new larger loan, also government backed would allow them to repay the original bounce back loan and provide them with the additional working capital they needed to support them following the opening of their second site.
Our client has benefited from having the funds to support their cashflow in the short-term, but with the CBIL scheme, they were able to repay their bounce back loan and take further support from the freeze on repayments for the first 12 months on the new larger Corona Virus Business Interruption Loan. For businesses forced to close due to the pandemic, a CBILS loan is a cost-effective way to get extra cash flow into your business.