Success Story
| Region/Nation | East Midlands |
|---|---|
| Programme | Coronavirus Business Interruption Loan Scheme (CBILS) |
| Partner |
Without the support of the Coronavirus Business Interruption Loan Scheme (CBILS), Worksop-based plastering company Leamick Building Systems might not have had enough working capital to see it through the challenging period of the pandemic.
Read what the business had to say in this CBILS case study.
British Business Bank: Can you tell us what your company does?
Michael Maguire, director of Leamick Building Systems: We’re a long-established business based in Worksop, providing sub‑contractor plastering services, primarily to major housebuilders.
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?
Back in the middle of March, the Government put the brakes on the housing market by telling people to delay their home moves if they could and instructing estate agents not to hold any new viewings.
Housebuilding firms, who are our main customers, stopped building new homes and started putting significant numbers of their employees on furlough. Shutting down their construction sites obviously meant that some of our income came to a sudden and unexpected halt.
Getting the CBILS loan has given me peace of mind that the business has the liquidity it needs to operate until we get back to something like normal levels of trade. - Michael Maguire director of Leamick Building Systems
How long did the application process take? Did you need any support?
From our initial contact with the lender, NatWest, to when we received the funds, the whole process took around 12 days, which I thought was impressive.
Our long-standing advisers, Mitchells Chartered Accountants & Business Advisers, based in Chesterfield, supported us through the entire process. They spoke directly with our relationship manager at NatWest to understand what we needed to do.
As expected, there were a few forms to fill out, but they weren’t too complicated and they didn’t take long to complete.
What advice would you give to other businesses that are applying for a CBILS loan?
I’d say take the time to understand what the lender needs and why. It could also help to have a good accountant or business adviser who can support you through the whole process and explain everything clearly.
There is high demand for CBILS so because of that, try to be patient and understand that it may take your bank a couple of weeks to approve your loan.
How has the CBILS loan helped your business to weather the outbreak? And what might have happened if you hadn’t received it?
Getting the loan has given me peace of mind that the business has the liquidity it needs to operate until we get back to something like normal levels of trade. That should happen now construction sites have reopened again.
Without it, we potentially might not have had enough working capital to survive that difficult period.
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