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TVAF 7 West Mills Yard, Newbury, Berkshire, RG14 5LP
A long-standing TVAF client with a busy legal practice in south London found that their cash flow was being adversely affected because court proceedings were delayed due to the pandemic.
Traditionally, our client was in part paid by the Crown for their involvement in legal cases, including criminal, family, immigration and asylum law. Although they had an active pipeline of legal cases waiting to sit, they weren’t able to receive the payments from the Crown for their Work In Progress because each case was delayed.
Our client was in the enviable position of being able to demonstrate significant Work In Progress and a healthy volume of future case work. Therefore, TVAF was able to work with one of lender to offer a CBILS loan which gave our client some additional breathing space and allowed them to pay their fixed costs (staff salaries, suppliers, premises costs etc.)
Many Coronavirus Business Interruption Loans are exempt from capital and interest repayments for the first 12 months, so we were delighted to put this solution in place for our client so that they could benefit from additional funds in their business at a crucial time. Plus, the first twelve months interest and arrangement fee was covered by the British Business Bank. For many cash-strapped businesses, CBILS is offering a lifeline that can make the difference between continued success or the uncertainty of what lies ahead.