Reading: Crowe secures 100% CBILS success rate for businesses
Since the introduction of the Coronavirus Business Interruption Loan Scheme (CBILS), national audit, tax, advisory and risk firm Crowe has helped companies raise £19 million with a 100% success rate – against a national average of 50%.
Dave Riley, Corporate Finance partner at Crowe, said: “CBILS is intended to provide financial support to businesses affected by the COVID-19 pandemic and through it, they can raise up to £5million in the shape of term loans, overdrafts, invoice finance or asset finance. The loans are in high demand, so it is very important to submit your application right first time.
"Delays due to errors in application can be the difference between business survival and jobs being kept or lost, so we are extremely proud of maintaining a 100% success rate for our clients. During incredibly straining times, this success rate has enabled organisations we are assisting to make other decisions with confidence that their CBILS application will be accepted. This sense of certainty and security should not be underestimated at a time like this.
"For many business leaders, now is a time to pause and refashion their business. In so doing, they must ensure they are not missing out on valuable support packages that would facilitate them in getting back on track. Having the right advisor is key: businesses need to ensure qualified advice and thorough checks are in place to avoid seeing the cost of errors in application. Despite huge economic pressure on businesses, qualified advice and thorough checks should never be traded off against the need for speed.”
Funding flows
Since lockdown was announced on March 23, the government has implemented several measures to help businesses and so there are a number of routes businesses can consider to help manage the impact of the pandemic in the short-term, but also during the resulting economic downturn.
Crowe has been working throughout lockdown to support businesses of all sizes across the UK who are looking to achieve business continuity in these challenging times; constantly revising and updating the Crowe Funding Flowchart including for the self-employed.
Johnathan Dudley, partner and head of manufacturing at Crowe, said: “Our Funding Flowcharts are designed to point you in the right direction of what measures might be available for you and your business. They are updated in real time as new measures are introduced, helping companies through the funding maze to find the right solutions and then guiding them through the options to make smart decisions that create lasting value. Our advisors nationally have availed benefits that are most appropriate for their short term business survival and longer term road to recovery. For some, this has meant taking up the CBILS support scheme, while we have also assisted with the Job Retention Scheme, deferral of VAT payments, grants and other schemes to provide flexibility as cashflow worries peak."
The range of options available is testament to the Chancellor’s COVID-19 response, but with UK companies able to apply for year-end extensions, time-to-pay, deferrals and R&D reliefs, alongside the support afforded to commercial tenants in the form of business rates relief, organisations of all sizes have had plenty to consider.
Dudley added: “With the latest measures announced at the summer Statement on 8 July, including the £1,000 bonus scheme for keeping furloughed staff employed, organisations must continue to assess how they will plan a route forward and should consider using their grant to help refashion and invest in a successful future as it emerges from COVID-19.
"When CBILS support is shut off at the end of September, leaders will need to oversee a transition period which ensures their continued ability to raise finance where necessary, and we will be closely watching for further economic measures from the Chancellor.”
For any questions speak to your Thames Valley contacts Mark Allen, [email protected] or Richard Baker, [email protected]
