Bathgate Business Finance has surpassed more than £30million in CBILS written, supporting 141 businesses in the North West and beyond.
Our status as a Funding Circle CBILS Business Champion allowed us to apply for the government-backed support loans on behalf of eligible companies. We also worked with White Oak, Nucleus, Iwoca, Close and Market Finance to secure CBILS loans for our clients. The amount of finance written by the close of the scheme in May 2021 totalled £30,450,000, with deals supporting businesses across a broad range of sectors including technology, logistics, leisure and hospitality and construction.
Combining our strong relationships with professional introducers, traditional and alternative funders and SMEs, our 12-strong team’s expertise across banking, invoice finance, asset finance and property finance, we were able to quickly gain a deep understanding of the CBILS market and how it would interact with different types of finance solutions and also funders’ individual requirements.
We became the first broker in the North West to secure a £500k CBILS loan with Funding Circle and other complex and significant deals brokered included a £430k CBILS funding for two agricultural clients, a challenge given some funders’ lack of understanding of farm finances; £450K asset finance for a client who initially did not feel they would qualify for CBILS and £370K asset finance and £250K loans for a client, having also negotiated a £1.8M non CBILS loan with a bank.
Many of the businesses we supported had previously been declined CBILS by banks and traditional lenders, had not been aware they were eligible, or did not fully understand the scope of solutions available.
The team’s exceptional performance led to average turnaround times of seven days, strong acceptance rates and a place as one of the top brokers with Funding Circle in the North West, further building on our status as a Business Champion.
Gordon Andrews, Managing Director at Bathgate Business Finance, said: “To say that the last 18 months have been challenging for businesses in the UK would be an understatement. CBILS have been a lifeline for so many companies that have been affected by the pandemic and we have been honoured to be able to step in and help them to weather the storm.
“Our results, which are extraordinary for such a small employee base, are testament to the team’s commitment to providing the best service to clients, fostering close relationships, maintaining traditional values and gaining a detailed understanding of their business in order to deliver the best solutions.
“Our clients are part of the Bathgate family and we look forward to working with them in the future and watching their businesses thrive.”
With the CBILS and Bounce Back loan schemes now closed, we are continuing to support new and existing clients through the government’s Recovery Loan Scheme, alternative finance solutions and own-book lending.
Image taken before COVID-19 restrictions