Funding Options helped Tim Moorhouse secure the funding he needed to rectify disrupted payments, consolidate debt and take his business to the next level.
MHL is an award-winning company providing gas, heating and boiler services for homes and businesses throughout the UK. Director Tim Moorhouse and his team are passionate about what they do and use the latest digital technology to transform the way people stay safe and warm.
The pandemic has created a great deal of worry and uncertainty for SMEs across the UK, and like so many other thriving businesses, MHL experienced disruption due to the COVID-19. Tim remembers losing “custom and business” and facing an inevitable “downturn”.
The timing of the first lockdown coincided with the business’ quiet period and Tim acknowledges that “we didn't lose that business in the period we typically get all of our work”. However, while the timing COVID-19 may have suited Tim as best it could, the business still came up against cash flow shortfalls.
While there may have been less demand for gas, heating and boiler services, there was a demand for cash. Tim remembers that when the government-backed loans were announced, “everybody wanted money now in a knee-jerk reaction situation. And I was one of them”.
...the additional funds and time away from work meant Tim and his team could spend more time focusing on scaling the business...
COVID-19 continues to have a significant impact on businesses across the UK. To help those who are experiencing cash flow disruption due to the pandemic, the Government introduced a series of financial support measures and business loans, including the CBILS loan scheme.
Tim was able to access a government-backed CBILS loan with the help of Senior Finance Specialist Sam. The money Tim received from Iwoca meant he could smooth out disrupted payments, consolidate existing business debt and also “settle other debts and finance agreements”.
As well as benefiting from debt resolution and consolidation, the additional funds and time away from work meant Tim and his team could spend more time focusing on scaling the business by building a new website.
Tim spoke with a number of lending businesses, however “none of them were better than dealing with Sam”.
“The one element we were missing was being attractive to larger companies,” says Tim. In order to rectify this, “a lot of the funds went towards building a new website that's going to transform the business from a regional to a national company”.
Running your own business is no easy feat. Add in dealing with a pandemic and trying to find the best finance option and you’ve got a recipe for a headache.
In the beginning, Tim recalls wanting to secure funding quickly. He “rang lots of people and filled in a load of online forms with funding companies”. Tim spoke with a number of lending businesses, however “none of them were better than dealing with Sam”.
What made Sam stand out was his willingness to help. “It was great to have someone who was there to actually listen to you and what you needed, and provide you with the correct finance that's right for you, rather than what's right for them.”
Having the right funding meant MHL could keep their growth plans moving forward, enabling them to develop into a national company. But more importantly, the funding meant they could continue to help people across the UK feel safe and warm in their home and workplace when they need it the most.
Discover how a CBILS loan could help your business here, before the scheme ends on March 31st 2021.
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