Region: East Midlands
Programme: Coronavirus Business Interruption Loan Scheme
Back in March 2020, Dronfield housebuilders Linell Homes were set to close a deal to begin construction on some new properties when the nationwide lockdown was announced. Left with an empty building site and uncertainty around its cashflow, the business chose to support itself with funding via the Coronavirus Business Interruption Loan Scheme (CBILS).
Read what it had to say in this CBILS case study.
British Business Bank: Can you tell us what your organisation does?
David Linell, owner of Linell Homes: Linell Homes is a family-run home-builder with a focus on high‑quality, design-led residential properties. We have 30 years’ expertise in the design and development of new homes, with our current developments in various locations across Yorkshire.
The coronavirus has affected a huge number of businesses across the UK. What problems were you facing as a result of the outbreak and what made you apply for CBILS support?
We were very close to signing the papers on a deal to start the construction of 10 new residential properties in Wakefield when the nationwide lockdown was announced. That left us not only with an empty building site but a great deal of uncertainty as to our cashflow. We’d literally just finished demolishing a pub on the site where the houses were to be built, but everything came to a standstill. It felt like the whole world stopped.
How long did the application process take? Did you need any support?
The application process was smooth and since the first call we’ve had immense support from the lender.
Without CBILS we’d still be at the stage of having an empty building site with uncertainty on our cashflow. The support this has given us has been immense.
David Linell, owner of Linell Homes
What advice would you give to other businesses that are applying for a CBILS loan?
I’d highly recommend it – it’s been huge for us. The schemes are fantastic and have been such a positive move in getting the economy stimulated.
How has the CBILS loan helped your organisation to weather the outbreak? And what might have happened if you hadn’t received it?
The rulebook to how we do business has been thrown out of the window. The scheme has been a brilliant idea. To get the package through in the timescales we have has been incredible. I’m absolutely delighted with where we are, it’s made a huge difference.
Without CBILS, we’d still be at the stage of having an empty building site and much uncertainty in regards to our cashflow. The support this has given us has been immense.