JCB Finance Ltd
Region: North West
Programme: Coronavirus Business Interruption Loan Scheme
With the coronavirus pandemic harming this contracting firm’s revenue significantly, the business needed access to more cash that would enable it to operate during such an uncertain time. As a result, the company turned to the Coronavirus Business Interruption Loan Scheme (CBILS) to boost its cashflow.
Read what it had to say in this CBILS case study.
British Business Bank: Can you tell us what your company does?
Chris Monk, managing director of Monks Contractors: Monks Contractors has been a contractor to the waste industry for over 25 years. We offer domestic and site plant hire, drainage, waste management, vehicle maintenance and civil contracting services.
How did COVID-19 affect your business, and why did this mean you needed a loan from the Coronavirus Business Interruption Loan Scheme (CBILS)?
COVID-19 reduced our revenue quite significantly, to the point that we needed assistance with our cashflow. Without that boost of funds, we wouldn’t have been able to invest in the business in such a way that would support the new contracts we sought to take on.
How did you find the application process?
The pandemic and lockdowns have made everyone feel uneasy. Some form of disruption was inevitable, but we must look forward. It’s essential we continue to invest and maintain our fleet to deliver the best possible service to our customers and the CBILS-backed hire purchase with JCB Finance has helped us to do this.
I have a great relationship with JCB Finance, and their combination of personal service and an uncomplicated online process saved me time.
The pandemic and lockdowns meant some form of disruption was inevitable, but we must look forward. It’s essential we continue to invest and maintain our fleet to deliver the best possible service to our customers and the CBILS-backed hire purchase has helped us to do this.
Chris Monk, managing director of Monks Contractors
What do you think would have happened to your business if your application hadn’t been approved?
Possibly we’d have been unable to make the necessary investment to support the new contracts we secured.
In what way did the Coronavirus Business Interruption Loan Scheme mean your business could survive?
Receiving the CBILS loan meant we could recently take delivery of a new JCB wheeled material handler and 30 new BMI ejector and walking floor trailers. We couldn’t have bought these without being able to access the CBILS-backed hire purchase facility.