Helping our clients secure additional funding

Since the impact of COVID-19 began, our client service teams have been working flat out to ensure that our clients are among the first movers in securing the funding necessary to ensure their future.

At EQ, we estimate to have assisted over 250 clients in securing the Business Support Grants from local councils, we are in the process of dozens of Coronavirus Business Interruption Loan (CBILS) applications, with a few already approved and are helping clients claim using the Coronavirus Job Retention Scheme for furloughed staff through HMRC’s portal which went live on 20 April. The first claims are now in, with more to follow and many clients have already received their payments.

At this incredibly difficult time, our teams have been focusing on supporting our clients when they need it most. Loan applications need to be accompanied by robust projections, up to date statutory and management accounts and other financial information. Thanks to the way we operate, these were available with great speed and accuracy to ensure our clients receive the best possible chance of a quick outcome.

The day after the CBILS was announced, Partner, David Morrison, contacted one of his clients about the scheme and worked with the financial controller to produce up to date and accurate projections whilst he liaised with the business’ bankers. The loan was turned around in less than 5 working days and the client has now secured a six figure CBILS loan with our help.

David commented,

“My colleagues and I are constantly looking at ways to support our clients during this unprecedented period.  It’s our great pleasure and privilege to look after our clients, particularly in their hour of greatest need.”

Looking to the long term, we have been speaking to asset finance providers, banks, investors, Scottish Enterprise, the local Councils, Cheqs of Commerce, etc. This fact finding is to ensure that we retain and develop the breadth and strength of contacts through which we provide the highest quality of advice to our clients. Things are constantly changing and our pledge to clients is to keep them advised of all the new sources of funding and support.

It’s going to be a bumpy road back, but we are confident that our positive, proactive and personalised approach will stand us and our clients in good stead as things return to a ‘new normal’.

If you are looking for some advice or support with any finance matter or just looking for more information, please get in touch with your usual EQ contact or call one of our offices.