A Lichfield based video game developer has secured a funding boost from the Coronavirus Business Interruption Loan Scheme (CBILS).
Elite Systems has secured £25,000 from CBILS-accredited lender BCRS Business Loans to cover a temporary fall in revenue due to the current pandemic.
The company recently recreated and sold 10,000 units of the 1980’s home computer, the Sinclair ZX Spectrum and is currently engaged in re-establishing another great 80s computer brand, C=Commodore, and appointing licencees.
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 managing director of Elite Systems, Steve Wilcox, said:
“Elite Systems was established in 1984 as a leading developer and publisher of games for popular home computer systems, which it continues to be today, as well as being a designer and developer of innovative entertainment hardware devices.
“Although we are continuing with design and development work from home, like most businesses we are currently experiencing a significant reduction in turnover due to the interruption caused by the pandemic.
“This has of course temporarily affected our cash flow which prompted us to access CBILS funding. Now this is in place, our business is secured for the lockdown period and we can make preparations for normal trading to resume as soon as it is declared safe to do so by the government.”
The chief executive of BCRS Business Loans, Stephen Deakin, added:
“We are delighted to have supported the funding needs of Elite Systems during this incredibly difficult period. This is a strong, viable business that required the support of CBILS to secure its cashflow position until trading conditions return to normal. We are committed to supporting businesses right across the West Midlands that have been affected by the coronavirus pandemic.”
This deal was funded by the Community Investment Enterprise Facility (CIEF), which is managed by Social Investment Scotland
Alastair Davis, CEO of Social Investment Scotland, said:
“SIS are delighted to be working with BCRS to deliver the CIEF. Organisations like Elite Systems often struggle to access the funding they require from mainstream banks but, by working with specialist providers like BCRS and their expert staff, valuable small, local businesses like Elite can receive the support they need to sustain their activity during challenging times.”
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).
As part of the scheme, the Government will make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees, so smaller businesses benefit from no upfront costs and lower initial repayments.
BCRS Business Loans support the growth of viable businesses in the West Midlands that are unable to access finance from traditional lenders, such as banks. The not-for-profit lender offers loans from £10,0000 to £150,000 and its loan process has been modified to adhere to social distancing guidelines.
To discover more about BCRS Business Loans visit www.bcrs.org.uk.