Assynt Corporate Finance, a member of The Corporate Finance Network in Hertfordshire, has advised a car repairs business on raising a £175,000 CBILS loan.
Soon after CIBILS arrangements were announced by the government, Andrew Watkin (pictured), a business adviser at Assynt Corporate Finance recommended to a car repairs business owner that CBILS would be beneficial to their business.
Following initial reluctance from the business owner, it soon became apparent that the lockdown would have at least a medium term impact on their business and began the CBILS application process. Andrew walked his client through the procedures and made sure that the business could demonstrate why the case was needed so to be able to obtain the capital, which was £175,000.
The funds were promptly obtained and placed on deposit to demonstrate to their bank if needed that the funds have only be used for working capital.