MAP, a provider of corporate finance and accountancy services based in Manchester has advised a Digital Learning business on a £110,000 CBILS fundraise used to refinance existing debt on better terms.
Paul Barnes, Managing Director at MAP took the initiative to contact his client after some careful analysis of their existing debt showed that better payment terms were available under the CBILS.
Paul and his team carefully laid out plans to show how refinancing the loan with CBILS would be beneficial to their client’s business by comparing APR and costs with their existing deal. MAP researched the early settlement rules on existing loans and confirmed the ability to use CBILS capital to refinance.
Offers of both 3 and 5 year terms were received from Funding Circle, providing the client with two better options than their existing arrangement. The outcome was a successful refinance of existing debt providing welcome additional cashflow during this unforeseeable economic slowdown.