Jonathan Lowe, Investment Director at Maven Capital Partners
The pandemic has made this a challenging year for businesses across the Midlands region, as companies have had to adapt not only to a much changed economic situation, but also to new ways of working which support social distancing requirements. However, Midlands firms across a range of sectors have nonetheless been able to access financial support, which has empowered them to survive and grow.
The Coronavirus Business Interruption Loan Scheme (CBILS) has been an important source of support for many businesses, and, with the scheme coming to an end on 31 March 2021, companies should consider reaching out to lenders sooner rather than later. Further help from investment and debt funds will put firms in a better position to realise their ambitions for 2021 and beyond.
The end of the CBILS
CBILS has helped SMEs overcome the challenges of the pandemic since March 2020, and subsequent expansion has opened up the scheme to an even greater number of companies. As this lifeline comes to an end, Midlands firms need to act fast to make the most of the scheme’s support.
Missing the deadline of 31 March means missing out on a greater range of funding options. In addition, it may take longer for businesses to see the funding for which they applied to financial institutions. Companies will stand a better chance of meeting their goals over the next few months and years if they reach out now to one of the 100+ accredited lenders participating in the CBILS.
The good news is that Midlands businesses can still explore funding options via regional funds, such as the two MEIF Maven Debt Finance funds: West Midlands and East & South East Midlands funds. These funds will remain available to businesses which are looking to grow to the next stage. Moreover, regional businesses will benefit from the support from these funds and their local offices, with teams of experienced financial professionals ready to help meet their needs. These lenders and investors continue to make funding available for regional SMEs who are struggling with the impact of the pandemic.
Our MEIF Maven Debt Finance team remains confident that its resilience in the face of uncertainty enables it to keep delivering its services to both new and existing clients. Finding new ways of working is helping businesses remain on track to realise their ambitions for the coming year, despite the disruption of this one.
Regional success stories
Financial support has not ground to a halt in the Midlands this year, despite the impact of COVID-19. Indeed, the MEIF fund has already supported a number of ambitious smaller businesses across a range of sectors. There have still been opportunities for regional SMEs to protect themselves against cashflow disruptions, with MEIF Maven Debt Finance issuing capital to 24 businesses since March 2020.
Corby-based Green Life Buildings, for example, secured a £600,000 funding boost from the MEIF’s East & South East Midlands debt fund last year, while Birmingham-based jeweller Toye Kenning & Spencer secured a £1 million funding package from the MEIF’s West Midlands debt fund. Maven manages both funds and works across the entire Midlands Engine region to provide flexible debt finance for SMEs.
Are you looking for funding for your business?
If your business is in need of finance to help unlock its growth potential, MEIF Maven Debt Finance may be able to help.
Contact Maven’s local team today to find out more.
