£60,000 CBIL support helps secure future of Devon accountancy firm
A Devon-based accountancy firm has been able to help small businesses across the South West that are unable to continue working during the coronavirus outbreak, thanks to Lloyds Bank, after securing a Coronavirus Business Interruption Loan (CBIL).
The majority of Exeter-based Marlow and Co’s 450 customers are sole traders and small limited companies, meaning a significant number have been forced to cease trading during the COVID-19 outbreak.
But the firm quickly realised that although regular client income had slowed, customers still wanted support around bookkeeping and VAT services, fulfilling payroll obligations and help in managing furlough applications.
Having been a customer of Lloyds Bank for more than a decade, owner Stephen Marlow was determined to protect the future of the business that he established in 1986, as well as the jobs of his five employees.
Stephen contacted Lloyds Bank for support and within 48 hours of submitting an application had secured a £60,000 funding package using the CBIL scheme that included a loan repayment holiday for the next six months. This has enabled the firm to stay open for business for the good of its customers, whilst also being able to meet its own operational overheads.
The CBIL scheme provides funding for smaller businesses that are experiencing lost or deferred income as a result of coronavirus and that would not otherwise secure bank finance.
Stephen Marlow, owner and sole proprietor of Marlow and Co said: “These are unprecedented times for small business owners like me, so I am extremely grateful to Lloyds Bank for its support, which has enabled me to maintain my business during the coronavirus outbreak.
“Many of our customers simply can’t work during the lockdown, but of course we’re still having to complete our obligations to them, whilst also paying our own staff salaries and rent costs. I quickly realised that I’d need bank support to get us through this turbulent time.
“Our business banking manager Kim has been exceptional. She put a support package together for us which was approved just 48 hours after I submitted the application; an incredibly fast response. I can now maintain normal service over the next few months knowing my staff are secure and essential bills can be paid. This is a huge comfort to me during these challenging times.”
Kimberley Davis, business banking manager for Lloyds Bank said: “We’ve been banking partner to Marlow and Co since 2008, so we know it’s a sound business that just needs additional support in the wake of the coronavirus outbreak.
“When I spoke with Stephen to advise him on the support package, he was overwhelmed by our response. We are working with customers right across the South West to provide the help and guidance they need in the current climate.”
