Proficio Solutions, a provider of specialist Financial Director consultancy, bookkeeping, payroll, accounts management and cloud support for owner managed businesses based near Oxford has advised a legal services company on raising £600,000 via the Coronavirus Business Interruption Loan Scheme (CBILS).
Michael Pawley, Managing Director of Proficio Solutions, worked with the owners of the legal practice to first identify what level of funding would be required to support the business through the COVID-19 crisis and the subsequent recovery period.
Twelve month P&L and cashflow forecasts were produced incorporating the effect of the client’s use of the Coronavirus Job Retention Scheme and the anticipated impact on revenue. In addition, advice was provided on the COVID-19 tax deferment schemes available to the client.
A CBILS application was submitted to Barclays on 28 April, approval received on 6 May and funds of £600,000 were received by the client on 7 May.