Success Story
| Region/Nation | South East |
|---|---|
| Programme | Coronavirus Business Interruption Loan Scheme (CBILS) |
| Partner |
Early government restrictions around the operation of construction sites and the pause on house moves created severe cashflow issues for this speculative property developer. Consequently, the business looked to the Coronavirus Business Interruption Loan Scheme (CBILS) for a financial lifeline.
Read what it had to say in this CBILS case study.
British Business Bank: Can you tell us what your company does?
Joff Brooker, managing director of Fleur Homes: Fleur Homes is a residential speculative housebuilder based in the South East, in Norfolk.
How did COVID-19 affect your business, and why did this mean you needed a loan from the Coronavirus Business Interruption Loan Scheme (CBILS)?
Back in March 2020, the Government placed restrictions both on workers operating on construction sites, and the ability for buyers to move home. Added to that, we saw a retraction in the amount of equity investment being offered. All of this had a big impact on our finances.
How did you find the application process?
The process took three weeks and we received support from the team at BLG Development Finance.
Without the CBILS loan, we’d likely have had to cancel a project into which we’d invested two years of work and sunk costs. - Joff Brooker managing director of Fleur Homes
What advice would you give to other businesses applying for a CBILS loan?
Have your financial reporting up to date. Don’t rely on one application. Be patient.
How has the CBILS loan helped your business to weather the outbreak? And what might have happened if you hadn’t received it?
Without the CBILS loan, we’d likely have had to cancel a project into which we’d invested two years of work and sunk costs.
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