Success Story: Taking a vet training business onlinePublished on 4th September 2020 2020-09-04T11:00:00+00:00 - Last update on 5th September 2020 2020-09-05T12:12:33+00:00
Finding the funding to move your business forward
TL:DR A training business for vets needed to move online due to Covid, but their bank did not think the business did not meet all the requirements of CBILS. However, we stepped in to help with the application for the full £250,000 allowed and, by making use of the government's guarantee under CBILS, we found a lender that was able to provide the loan with 5 years to repay - after the initial 12 month repayment holiday - at just 5% and with the funds arriving within a matter of days.
“You need to find new ways to do business since Covid. That means you need new kinds of funding - and that means you need Rangewell.”
Finding new ways to do business has become vital for any business that is going to thrive post-Covid - and it certainly was for a vet training business who needed funding to help them go online.
Covid has caused problems for every business sector. Some have shut down for the duration. Others are trying to work with social distancing measures in place.
And others have gone online.
In some ways, Covid has, therefore, simply accelerated a process that has been gathering pace for years. At the beginning of the year, a teleconference was still something of a novelty. Now, in many sectors it has become the norm.
The training sector is one of them and it is rapidly making the transition from classroom-based instruction to online training sessions.
But, although there will not be the same costs required to offer learning in the real world, going online means some entirely new expenses. Creating websites, bringing in video and other equipment will all involve costs - as well as providing online marketing and support.
We were recently approached by the owner of a business specialising in training vets with a request for help.
“We have been steadily growing the business for a few years now, and I have brought together a really good team of instructors. It's their skills that are the real wealth of the business. When lockdown came along, I thought we were going to be in trouble - but then we realised that we could go online.”
There would be some new costs to deal with but it would mean that the business could continue to operate, providing a range of training courses.
The government's Coronavirus Business Interruption Loan Scheme - or CBILS - looked as though it could help.
CBILS is a government-backed scheme that was introduced to provide financial support to smaller businesses across the UK that were losing revenue and disrupted cash flow as a result of the COVID-19 outbreak. The scheme provides loans of up to £5million, but in most cases will be much less - and crucially, with nothing to repay for the first 12 months.
However, when our client approached her bank, they were unable to provide funding under CBILS - because they did not see her business as meeting all the requirements of a CBILS loan. Using it to set up an online business seemed to be too radical a step.
So she talked to our funding experts instead.
We helped our client complete an application for £250,000, the maximum that can be offered under CBILS without a personal guarantee, and approached our contacts at alternative lenders.
By making use of the government's guarantee under CBILS we found a lender that was able to provide the loan with 5 years to repay - after the initial 12 month repayment holiday - at just 5%.
What’s more, we were able to arrange the funding fast. Our client had the cash they needed in a matter of days, instead of the weeks of delays that were being reported by those who turned for the banks for the help they needed.
“Rangewell found me the cash I needed to take the business to the next level. It means we have the cash to go fully online, I can keep all my staff on, and we can continue to offer the training that people want.
Coronavirus has forced us to take a step we needed to take - and Rangewell found us the funding we needed to take it.”
- £250,000 at 8% with 12 months payment holiday and 5 years to repay
- The client had the funding she needed to successfully introduce a new way of providing her services - taking her business several steps forward as a result
Rangewell finds the financial solutions that your business needs
Many business sectors have hit problems thanks to Covid - but many businesses are finding new ways to work and to generate profits again. Going online is a big step, and it may involve a big investment in people, skills and web facilities. Rangewell can help you find that investment, and to used government schemes such as CBILS to reduce the cost.
The Rangewell service is easy to use - and lets you talk to a funding expert to get a solution that is planned around your business needs.
Just call us and one of our Business Funding Experts will be able to discuss the options, and work out the most cost-effective ways to provide the funding you want - whatever the challenge your business plans present.
It can be a lifeline for your business.
We’ll search the entire lending market to find the most affordable solutions to your funding needs - and in most cases, our services are absolutely free.
Taking your business further with help from Rangewell
- Individual arrangements tailored to your circumstances
- Adverse Credit – no problem
- Repayments geared to your turnover
- Expertise in funding for your sector
- Bounceback and CBILS expertise
Talk to Rangewell – the business finance experts
Share this article
Discover your range of finance. Every type of finance for every type of business.
Our goal is very simple - to help businesses find the right type of finance as quickly, transparently and painlessly as possible.Find Funding