When the coronavirus lockdown prohibited the sale of residential property, demand for housing fell flat. For this Norfolk-based developer, it meant pushing back cashflow forecasts by several months, something the business couldn’t sustain without financial help via the Coronavirus Business Interruption Loan Scheme (CBILS).
Success Story
| Region/Nation | East of England |
|---|---|
| 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 organisation does?
Ian Webster, director of Dewing Properties: We are residential developers based in North Norfolk. We aim to build high-quality, sustainable housing that aesthetically sits well with its surroundings.
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?
The lockdown prohibited the sale of residential property. Not only did demand for housing fall flat, but several sales we had already agreed fell through. COVID-19 forced us to push the business’s cashflow forecasts back by at least nine months, which was something we simply couldn’t sustain.
How long did the application process take? Did you need any support?
The application process was simple but thorough, and took six weeks from beginning to end. Our lenders were very helpful throughout, offering support where needed.
The CBILS loan provided essential support to our business through very uncertain times. From what was a very worrying period, we now look to the future with a positive outlook. - Ian Webster director of Dewing Properties
What advice would you give to other businesses that are applying for a CBILS loan?
If you have confidence in your business plan, but are struggling to deal with the immediate problems all businesses face, don’t hesitate to contact one of the CBILS-registered lenders. The coronavirus has forced people to analyse and scrutinise their businesses far more thoroughly, which will hopefully add strength in the future.
How has the CBILS loan helped your organisation to weather the outbreak? And what might have happened if you hadn’t received it?
The CBILS loan provided essential support to our business through very uncertain times. From what was a very worrying period, we now look to the future with a positive outlook.
Without the funding, our business would have been in major default of a loan that had a strict repayment date. Failing to repay this loan could have caused a dramatic domino effect for several associated businesses, so the CBILS loan was a much-needed lifeline for all.
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