Mercia Hardware (Eagledale)
Region: West Midlands
Programme: Coronavirus Business Interruption Loan Scheme
Concerned that the COVID-19 shutdown would severely harm its business, Coventry’s Mercia Hardware turned to the Coronavirus Business Interruption Loan Scheme (CBILS) for financial support. Granted a loan, the company was able to continue to supply its products and even diversify its range.
Read what the business had to say in this CBILS case study.
British Business Bank: Can you tell us what your organisation does?
Steve Nicolson, director of Mercia Hardware: We specialise in architectural ironmongery and metalwork, supplying to the building trade and the public in Coventry and across Warwickshire. We supply and fit all aspects of bespoke architectural metalwork, from gates and railings through to staircases, automatic gates and canopies.
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?
Simply speaking, we were very concerned about the impact of COVID-19 on our cashflow and our ability to fund the business during the reduced trading period and lockdown.
How long did the application process take? Did you need any support?
The process was very quick and easy, taking around 10 days from start to finish. Our NatWest relationship manager was great and made it very simple, helping us with the application.
The CBILS loan helped us to remain open and trading. It has protected our cashflow and allowed us to develop and diversify our range of products, which will help limit the effects of COVID-19.
Steve Nicolson, director of Mercia Hardware
What advice would you give to other businesses that are applying for a CBILS loan?
Just to do it. The process was simple and pain-free and it gave us both the funding we needed and the peace of mind to help the business get through such a heavily impacted trading period.
How has the CBILS loan helped your organisation to weather the outbreak? And what might have happened if you hadn’t received it?
The loan helped us to remain open and trading. It has protected our cashflow and allowed us to develop and diversify our range of products, which will help limit the effects of COVID-19.
A prolonged impact on our cashflow would ultimately have made it very difficult to survive and would have put the business under huge financial pressure.