MDH, a member of The Corporate Finance Network based in Croydon, has advised the owners of a landscaping business on raising £225k via a Coronavirus Business Interruption Loan (CBIL).
The MDH corporate finance team was asked for assistance when their client who had a turbulent year was refused CBILs funding via one of the UK’s largest high street banks.
The business, a specialist provider of patios and driveways had been adversely impacted by the COVID pandemic and therefore was in need of a relatively prompt funding solution. After being refused the £200k CBILs they had applied for via their existing bank (who they had banked with for 15 years), they approached Michael Hemme at MDH to discuss options.
Michael and his team began by understanding the business and its short to medium-term funding needs. Using Capitalise, they inputted their application into the online portal. After just a few days they had identified a number of funding providers who were willing to lend to the business. Michael and his team secured £25k more than they had originally sought and at more favorable terms.
The deal completed and took a huge amount of pressure off the shareholders and enabled the business to start planning for the medium term once again.