26 March 2020
In these unprecedented and challenging times, The Chancellor recently announced a number of emergency measures to help UK businesses during the national threat of the Coronavirus.
We have received numerous enquires seeking advice on what to do over the coming months to minimise the financial impact of this crisis. In response, the Spectrum Debt Advisory team stand ready to offer businesses guidance on how best to manage short-term liquidity needs, approach the debt markets for additional funding, and navigate and access the various government schemes established, such as the Coronavirus Business Interruption Loan Scheme (“CBILS”), available to support debt facility requirements of up to £5m for SME’s with revenues of up to £45m.
Our team is here to help in the following ways:
Manage existing facilities: We can help assess near term cash flow liquidity hurdles and formulate strategies to approach existing lenders, with a view to amending facilities where possible. We are in contact with all major lenders and can assist with conversations regarding amortisation holidays, tenor extensions and financial covenant pressure.
Access new commercial funding facilities: Lenders remain committed to supporting businesses; however, the recent outbreak will inevitably mean that new capital requests will be subjected to increased scrutiny. Approaching lenders with a well-constructed and commercially aware proposal is pivotal to accessing add-on facilities or additional working capital capacity. Our team is available to advise on how to best position the business and approach the market.
Apply for the Coronavirus Business Interruption Loan (CBIL): Through our deep relationships and knowledge of the banking industry, we can provide informed guidance on the various schemes available, with a particular focus on supporting businesses to access funding under the Coronavirus Business Interruption Loan Scheme (“CBILS”).
For business seeking CBILS debt facilities up to £5m, our team can assist with the preparation of a detailed, comprehensive and highly professional loan application, allowing business owners to prioritise and focus their time on managing their business through the crisis as well as assisting lenders in a timely and efficient review of the proposal.
The Spectrum team are currently working remotely but remain fully operational and prepared to support our clients during these challenging times.We wish you and your colleagues and families the very best through this difficult period.
For more information please visit our 'Covid-19' Support pages, or contact a member of our Debt Advisory team:
M: +44 (0)7584 706 694
M: +44 (0)7464 481 266
M: +44 (0)7780 300882
Alternatively contact one of the other Spectrum Managing Directors:
M: +44 (0)7850 337222
M: +44 (0)7715 705176
M: +44 (0)7850 337223