Success Story
For this commercial vehicle company, COVID-19 outbreak had a severe impact on cashflow, with revenue dropping suddenly by 90% and most staff having to go on furlough. Needing funds to remain operational and continue to invest in the business, the company applied to the Coronavirus Business Interruption Loan Scheme (CBILS) for a vital loan.
| Region/Nation | Scotland |
|---|---|
| Programme | Coronavirus Business Interruption Loan Scheme (CBILS) |
| Partner |
Read what it had to say in this CBILS case study.
British Business Bank: Can you tell us what your company does?
Martin Shaw, managing director of All Truck Commercial Vehicle Repairs: Based in Bonnybridge, Scotland, All Truck Group offers a wide range of services to the commercial vehicle industry, including vehicle and crane maintenance, truck rental and leasing, crane sales and commercial vehicle bodybuilding services.
How did COVID-19 affect your business, and why did this mean you needed a loan from the Coronavirus Business Interruption Loan Scheme (CBILS)?
The COVID-19 outbreak had a severe impact on our revenue, which dropped suddenly by 90% and left only the vehicle repair and servicing side of the business operational. We furloughed most of our staff, with those who remained assisting customers who were less affected or part of organisations that provided essential/critical services as per the government designation.
How did you find the application process?
We consulted our lender, JCB Finance, then completed the CBILS application through its online service.
At times like these, finance isn’t easy to set up, so it was a relief to have easy access [to the CBILS loan]. The fact that we pay no interest in the first year is helping our cashflow as things gradually get back to normal. The whole process was much easier than I’d expected. - Martin Shaw managing director of All Truck Commercial Vehicle Repairs
What do you think would have happened to your business if your application hadn’t been approved?
It’s hard to say for sure, but I think we’d have encountered some difficulty in investing in the business in order to keep it sustainable and competitive.
Can you provide a specific example of how you used the funding to bring about a positive change (or changes) to your business?
The CBILS loan aided our cashflow, which allowed us to complete the purchase of a new vehicle that proved essential to the business.
What advice would you give to other businesses applying for a CBILS loan?
At times like these, finance isn’t easy to set up, so it was a relief to have easy access through JCB Finance and the British Business Bank. The fact that we pay no interest in the first year is helping our cashflow as things gradually get back to normal. The whole process was much easier than I’d expected.
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