One of our clients applied for a CBILS loan from their main UK clearing bank but were turned down. Their needs were more than those of a Bounceback loan so that was not an option.
This is not our field, but we do pride ourselves on having good contacts with many businesses who help law firms in a variety of ways.
So, we suggested they speak to a finance broker who has helped a number of our clients over the years. Again, not one of the big organisations.
He reviewed their needs and profiled them against the CBILS panel. He identified only 2 members of the panel likely to have an appetite for this proposition. But fortunately, he knows his job. One of the two has approved the application. Our client can continue to service their clients with a facility adequate to see them through the tricky times next spring when the VAT and partners tax will fall due.
Of course, it is always better to have a good relationship with your bank and look to them in the first instance for your funding needs-but sometimes specialist need can be better met by smaller organisation.
If you need any help finding alternative sources of funding don’t hesitate to contact us.
This article was written by Barry Wilkinson of Wilkinson Read.