Production had stopped due to national lockdown. Staff were furloughed and the bank declined to support a CBILS due to operating losses in the previous years.
We instructed their accountants to expedite their YE20 accounts which demonstrated a significant increase in trading performance. We requested they be filed at companies house before submitting an application.
After overcoming an issue related to the country of residence for one of the directors, a CBILS loan was offered at a very competitive rate.