Success Story
| Region/Nation | London |
|---|---|
| Programme | Coronavirus Business Interruption Loan Scheme (CBILS) |
| Partner |
As the impact of the COVID-19 outbreak began to grow, this market research company quickly realised its clients were beginning to become more cautious about going ahead with their projects. With these decisions affecting the company’s revenue significantly, it had to seek financial support. This is where the Coronavirus Business Interruption Loan Scheme (CBILS) came in.
Read what the business had to say in this CBILS case study.
British Business Bank: Can you tell us what your company does?
Bryan Wilsher, finance director of Prescient Limited: We conduct qualitative and quantitative market research for clients – often international ones – from our base in London.
How did COVID-19 affect your business, and why did this mean you needed a loan from the Coronavirus Business Interruption Loan Scheme (CBILS)?
As soon as COVID-19 hit, we found our clients began delaying both their decision-making and the implementation of their projects. Consequently, our revenues slowed considerably.
How did you find the application process?
Slick, super-quick, professional and very user-friendly.
With the CBILS funds, we were able to fund a substantial project that we’d won. We would’ve struggled to do that without the money. That project turned around our fortunes, which, to me, is a total justification of the support that CBILS offers. Bryan Wilsher finance director of Prescient Limited
What do you think would have happened to your business if your application hadn’t been approved?
Had our application been turned down, we may have suffered a cash crunch and only limped through. Alongside that, our directors and our team would no doubt have suffered anxiety and uncertainty about the security of their jobs.
Can you provide a specific example of how you used the funding to bring about a positive change (or changes) to your business?
We were able to fund a substantial project that we’d won. We would’ve struggled to do that without the CBILS funds. That project turned around our fortunes, which, to me, is a total justification of the support that CBILS offers.
What advice would you give to other businesses applying for a CBILS loan?
There’s nothing to fear from applying but do make sure you select your potential funder carefully. The clearing banks can sometimes be slow, and you have plenty of other pressures taking up your time. Speed is a vital part of delivering a stable business.
In what way did the Coronavirus Business Interruption Loan Scheme mean your business could survive?
Besides what was mentioned above, the year’s breathing space in terms of repayments and interest gives us time to plan and recover.
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