CBILS support allows accountancy firm to maintain ‘business as usual’ service
An accountancy firm in Barnstaple has been able to maintain its day-to-day operations during the coronavirus outbreak and is continuing to support its clients after securing a Coronavirus Business Interruption Loan (CBIL) from Lloyds Bank.
LCA Services, which is based just off the High Street in Barnstaple town centre and was established more than thirty years ago, provides accountancy and taxation support to more than 300 clients across the South West, including SMEs and private clients. The business is providing extensive advice to many of its clients on how to manage the financial impact of the crisis, without making any additional charges.
The firm’s primary services include business tax returns for sole traders, payroll services, as well as managing annual accounts requirements. The impact of the lockdown on many of its clients and the firm’s own cash flow has been immediate.
The business secured a £50,000 funding package from Lloyds Bank using the CBIL scheme, which includes a loan repayment holiday for the next six months, that will be used to support the cashflow of the business through unprecedented times of the coronavirus outbreak. It will enable LCA Services to pay eight employee salaries until the government’s furlough support wages come into force later in April, whilst also maintaining its ongoing client services.
The CBIL scheme provides funding for smaller businesses that are experiencing lost or deferred income as a result of coronavirus.
Rob Tickell, sole owner and director at LCA Services said: “This funding presents a lifeline to clients of my business as it provides me with breathing space in managing my working capital and mitigates the impact of short-term losses at the most critical time over the coming months. This gives me the headspace and reassurance to perform better at work to the benefit of all our clients, during what is a very intense period for small business owners.
“The support we’ve received from Lloyds Bank has been outstanding. I found the whole process straightforward and quick – my application was approved within just three days of being submitted, and the team really understood my business needs. Their guidance in submitting my funding proposal was much appreciated and all helped to make it a smooth process.
“What’s more, it’s been useful to go through this process with Lloyds Bank for my own firm initially, as I am supporting many of my clients in their own funding applications. The success and ease of navigating the process with Lloyds Bank has been very reassuring.”
Stephanie Knight, business banking manager for Lloyds Bank said: “LCA Services is a prosperous and healthy business that provides an excellent service to its customers right across the South West. But like so many other small businesses at the moment, they’ve encountered obvious difficulties as a result of the coronavirus outbreak.
“These are unprecedented times and we’re working closely with our customers to offer support in managing their cash flow. This includes arrangement fee free overdrafts, capital repayment holidays on loans for businesses that have been severely affected, and the Coronavirus Business Loan Interruption Scheme to ensure the continued provision of finance to UK businesses.”
