At the beginning of April 2020, the Government introduced the Coronavirus Business Interruption Scheme (CBILS)
which has been a lifeline for many operators threatened by closure due to financial troubles.
recently worked with an established group care home operator to source a CBILS loan. The business has a strong financial position and an excellent reputation but found themselves in financial difficulty due to COVID-19 and required funding to bridge a gap in revenue and rising running costs.
Senior Finance Consultant at Christie Finance
, Tony Howard, lead the process from initial discussion through to completion, which took less than seven days to finalise.
Commenting on the process, Tony says: “Following the introduction from Rob Kinsman at Christie & Co
, we were able to utilise the Government backed scheme to secure a £250,000 funding package provided at a competitive rate of interest, with the first payment being deferred for a period of 12 months. It is great to be able to take the stress out of securing finance on behalf of our clients during these difficult times.”
Our client comments: “After trying to work with and being disappointed by, each of my clearing banks, I was put in touch with Tony Howard at Christie Finance. Tony quickly understood my situation and creditworthiness and was able to make a recommendation of a new funder who quickly delivered attractive terms.”
The support of an experienced commercial finance broker such as Christie Finance
enabled the client to focus their time on managing their care homes during these difficult times, ensuring safe and effective practice was maintained without the distraction of a complex finance application.
Throughout the UK lockdown, we have witnessed an increase in demand for care home funding, largely driven by the challenges of reducing fee revenues, reliance on agency staff to cover employee absence, additional investment in PPE and new health and safety protocol implemented to protect residents and staff. The flexibility attached to the CBILS scheme is proving a suitable solution for many care operators.