After a year where most businesses will have depleted their cashflow reserves, the government-backed loan schemes became a necessary route for many management teams, as they sought to strengthen their companies and put new working capital facilities in place to allow them to fund their recovery.
The latest newsletter from The Corporate Finance Network highlights some member firms’ completed deals and includes a number of cases where the accountancy firm has facilitated offers for a Coronavirus Business Interruption Loan Scheme (or CBILS) for one or more of their clients.
Similar deals for other clients continue at a pace this month as the 31st March deadline for the CBILS applications rapidly approaches, but these are the highlights from the past few months from a selection of member firms:
- MAP has secured over £2.8m in CBILS facilities for around 15% of their clients
- Nicholsons funded one deal within 24 hours
- Whiting and Partners saved their client many thousands of pounds by repaying expensive hire purchase agreements
- Albert Goodman funded a £1.3m property loan with much better terms than the client’s existing mortgage
- Knill James was able to release funds to complete an MBO
Kirsty McGregor, founder and Chairman of The CFN commented “Our firms have worked really hard over the past few months, with fantastic specialist support from our funding partner Capitalise.com, who have been able to secure the best deals from across the ever-more-diverse lending market and have ensured that our firms have been able to provide proactive solutions for their clients’ greatest need during this time, access to cash.
If this government scheme does end on 31st March, our member firms can be sure that they have done their absolute best to equip as many clients as possible with the resources they require, in order to move forward with the growth of their business.”
To work with an accountant who has access to funding lines across the whole market, contact info@TheCFN.org.uk for an introduction to a firm near you.
