Region: East of England
Programme: Coronavirus Business Interruption Loan Scheme
While many businesses have focused their efforts on staying afloat during the coronavirus pandemic, this Essex-based company chose to diversify its business to manufacture much-needed medical ventilators rather than its usual motorsport components. It applied to the Coronavirus Business Interruption Loan Scheme (CBILS) for working capital to support this endeavour.
Read what the business had to say in this CBILS case study.
British Business Bank: Can you tell us what your company does?
David Cunliffe, director of DC Electronics: We’re a 23-year-old company, supplying custom-built electrical systems to the professional motorsport industry, including Formula 1, Formula E, World Rallycross and F1H20 Powerboats.
However, at the beginning of the coronavirus pandemic, we chose to diversify the business by manufacturing ventilator harnesses, as a way of supporting the national effort to combat the impact of COVID-19. To date, our team has provided 10,800 wiring assemblies and over 75,000 hand-crimped terminals.
How did COVID-19 affect your business, and why did this mean you needed funding?
The coronavirus lockdown hit our industry hard, and initially we had to furlough all of our employees. When the opportunity emerged to support the national effort to manufacture ventilators, our highly-skilled harness-fitting experts were delighted to be able to make a tangible difference.
How did you find the application process?
The CBILS loan has been a lifeline and our relationship manager at Barclays has been brilliant; he understands what we need.
The CBILS loan has been a lifeline [and] a huge morale boost for the whole team that we could play a part in the country’s effort to manufacture life-saving equipment and keep the business going.
David Cunliffe, director of DC Electronics
In what way did the funding help your business survive?
It’s been a huge morale boost for the whole team that we could play a part in the country’s effort to manufacture life-saving equipment and keep the business going.