The coronavirus pandemic caused this Essex construction company to postpone plans to buy a rural site on which it planned to build a number of new homes. Unable to complete its other construction projects, and facing a significant lack of funds, the business needed investment from elsewhere. This is why it turned to the Coronavirus Business Interruption Loan Scheme (CBILS).
Success Story
| Region/Nation | East of England |
|---|---|
| Programme | Coronavirus Business Interruption Loan Scheme (CBILS) |
| Partner |
Read what the company had to say in this CBILS case study.
British Business Bank: Can you tell us what your organisation does?
Dean Floyd, owner of Chigwell Construction: Chigwell Construction began as a small family business, and now employs over 250 staff to cover construction works ranging from new-build homes to refurbishments and maintenance projects.
How did COVID-19 affect your business, and why did this mean you needed a loan from the Coronavirus Business Interruption Loan Scheme (CBILS)?
We’d just finished the paperwork on a deal to purchase a rural site in Brentwood to construct four residential homes when the pandemic paused our plans. We’re used to completing an average of 10 projects a year and COVID-19 was a serious threat to that. There was a major lack of availability of funds in the marketplace and time was running out to complete the deal.
How did you find the application process?
The application process was quick and painless – the application itself was handled well and in a timely manner. We got the funds we needed relatively speedily.
I’m not sure what we would have done without the CBILS funding. It meant that we could fund the building costs of our development and look at other projects. - Dean Floyd owner of Chigwell Construction
What advice would you give to other businesses that are applying for a CBILS loan?
CBILS is a great scheme which is helping businesses like ours and stimulating the economy during these challenging times. Our lender, Assetz Capital, were hungry and buoyant in the market and I’ll be looking to grow our relationship and work on other deals with them in the future.
Can you provide a specific example of how you used the funding to bring about a positive change (or changes) to your business?
We’ll use the CBILS loan to fund 100% of the costs to build a new set of four-bedroom family bungalows. The homes are intended for people who want to live outside of London, but within commutable distance of the city.
How has the CBILS loan helped your organisation to weather the outbreak? And what might have happened if you hadn’t received it?
I’m not sure what we would have done without the CBILS funding. It meant that we could fund the building costs of our development and look at other projects.
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