A Stourbridge-based carpentry company has secured a funding boost from the Coronavirus Business Interruption Loan Scheme (CBILS).
Enville Oak secured funding from CBILS-accredited lender BCRS Business Loans to reinforce the company’s cashflow after contracts were put on hold due to the coronavirus crisis.
The company, which has been trading for almost two years and was predicting a bumper year in 2020, manufactures and installs oak-framed structures for luxury homes.
The Coronavirus Business Interruption Loan Scheme, delivered through almost 50 British Business Bank accredited lenders, is designed to support the continued provision of finance to UK smaller businesses (SMEs) during the Covid-19 outbreak.
The scheme enables lenders to provide facilities of up to £5m to smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.
Ben Fern and Ben Turley are directors at Enville Oak.
Mr Fern said: “Although we have a substantial number of orders in our pipeline, we have been forced to delay these due to the ongoing impact of the Coronavirus. The safety of our staff, customers and the wider public comes first.
“As we are not receiving the completion payments we forecasted due to contracts being temporarily suspended or delayed, this funding boost has allowed us to secure our cashflow position until operations resume.
“We still have one director scheduling work and liaising with customers, architects and planning teams, so we will get back to work as soon as it is safe to do so.”
Stephen Deakin, Chief Executive of BCRS Business Loans, said:
“We are delighted to have supported Enville Oak who, like most businesses, have had to temporarily suspend trading. With experienced directors and a strong order book, we know they will come out of this unprecedented period even stronger.
“Small businesses are the backbone of our economy, so it is essential that we do all we can at BCRS to provide SMEs with the funding they need to manage cash flow and safeguard jobs. We believe that no viable businesses in the West Midlands should go unsupported.”
This deal was co-funded by the Community Investment Enterprise Facility (CIEF), which is managed by Social Investment Scotland.
Alastair Davis, CEO of Social Investment Scotland, said:
“At Social Investment Scotland we have been delighted to see how lenders like BCRS continue to respond so well to the current challenges. Small businesses like Enville Oak provide valuable, skilled local jobs which will create a range of knock on social and economic impacts in the Stourbridge community. Congratulations to the team on securing this financial support.”
BCRS Business Loans support businesses in the West Midlands that are unable to access finance from traditional lenders, such as banks. Loans from £10,000 to £150,000 are available.
The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and industrial Strategy (BEIS).
To discover more about BCRS Business Loans visit www.bcrs.org.uk.
