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Funding Solutions

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We have seen a marked increase in businesses looking to raise debt finance to manage their working capital as a result of the COVID-19 pandemic.

We have recently advised businesses in the hospitality and retail sector that were looking to raise funds to enable them to survive periods where they were not generating revenue because of the government-imposed lockdowns. We have also assisted businesses that have benefited from the pandemic (in the pharmaceutical and contract cleaning sectors) and were looking to raise funds to scale up their operations.

Whether your business is looking to refinance existing debt, address short term liquidity issues, or raise funds to support a purchase or a merger, our team of professionals can provide support. This can include advice in accessing government backed schemes.

Recovery Loan Scheme

Chancellor Rishi Sunak’s Budget included several measures aimed at providing businesses with support to deal with the financial fallout of the pandemic, including a new Recovery Loan Scheme.

The Recovery Loan Scheme will replace the Coronavirus Business Interruption Loan Scheme (CBILS) and the Bounce Back Loan Scheme (BBLS) from 6 April 2021 and is open until 31 December 2021.

Who can apply?

A business will have to demonstrate that it is viable or would be if it were not for the pandemic. There is no turnover limit for businesses applying to the scheme and lenders “may overlook concerns over short-to-medium term performance owing to the pandemic.” Businesses must also be trading in the UK and are still eligible to apply if they have received support under existing COVID-19 guaranteed loan schemes.

Finance available

Businesses can apply for the following:

  • Term loans and overdrafts of between £25,001 and £10 million per business
  • Invoice finance and asset finance of between £1,000 and £10 million per business

Finance terms are up to six years for term loans and asset finance facilities. For overdrafts and invoice finance facilities, terms will be up to three years.

The loans can be used for any legitimate business purpose, including managing cash flow, investment and growth.

Please contact me to discuss any funding related questions you may have.

Edward Ellis Corporate Restructuring Senior Manager

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