Success Story
| Region/Nation | East of England |
|---|---|
| Programme | Coronavirus Business Interruption Loan Scheme (CBILS) |
| Partner |
Already enduring cashflow issues due to uncertainty around Brexit, skylight company Sunsquare faced even tougher times with the COVID-19 shutdown. Applying to the Coronavirus Business Interruption Loan Scheme (CBILS) for financial support was the difference between securing jobs and continuing to trade and closing down the business altogether.
Read what the company had to say in this CBILS case study.
British Business Bank: Can you tell us what your company does?
Justin Seldis, managing director of Sunsquare: We design and manufacture high-specification bespoke flat-roof skylights for domestic and commercial properties.
The coronavirus has affected a huge number of businesses across the UK. What problems were you facing as a result of the outbreak and what made you apply for CBILS support?
On the back of a very tough year in our industry due to issues around Brexit, we were running pretty low when it came to cashflow. COVID-19 literally shut us down, and without being able to pay suppliers and general bills, our finances would’ve been dire to unworkable.
How long did the application process take? Did you need any support?
The application process took around a month, but we had full support from the team at NatWest throughout.
For us, the loan has been game-changing. It allows us the breathing space we need to reopen without the constant threat of financial ruin. This is certainly one of the more important facilities that I’ve been able to access in 30 years of running businesses. Justin Seldis managing director of Sunsquare
What advice would you give to other businesses that are applying for a CBILS loan?
Don’t be too proud, even if, like Sunsquare, you’ve been debt-free for a long time (over a decade, in our case). It’s vital that you use this facility before it’s too late for it to make a difference.
How has the CBILS loan helped your business to weather the outbreak? And what might have happened if you hadn’t received it?
For us, it’s been game-changing. The loan will give us the breathing space to open up as a business again without the constant threat of financial ruin. No business can survive without income or significant savings, and many have no savings at all. This is certainly one of the more important facilities that I’ve been able to access in 30 years of running businesses.
Without the loan, I’m very sorry to say that we’d have had to look at laying off employees rather than furloughing them, and it’s likely that the business wouldn’t have survived this pandemic.
More success stories
Read a success story about Salesfire
Salesfire – a Middlesbrough company whose platform helps e-commerce stores to increase sales - has raised a further £2.75m from NPIF II – Mercia Equity Finance, which is managed by Mercia Ventures as part of the Northern Powerhouse Investment Fund II (NPIF II).
Read a success story about Claro Hill Vets
A North Yorkshire-based veterinary practice has secured £90,000 from NPIF II – BEF, which is managed by Business Enterprise Fund (BEF) as part of the Northern Powerhouse Investment Fund II (NPIF II). The funding also came from BEF’s Community Investment Enterprise Fund 2 (CIEF2) backed by Lloyds Bank and Better Society Capital.
Read a success story about Panacea Children Services
The North West’s leading provider of specialised therapeutic services for children has received a significant six figure investment to increase its number of homes in the North West to eleven as part of a three year strategic growth plan.