£1.5m funding package to support South East SMEs
A seven-figure funding package from Unity Trust Bank is enabling a responsible finance provider to support businesses that have been affected by the Covid-19 pandemic.
Up to 20 SMEs across South East England will benefit after the commercial bank with a social conscience loaned £1.5m to Let’s Do Business Finance – an accredited lender of the Government’s Coronavirus Business Interruption Loan Scheme (CBILS).
Capitalise Business Support, the finance arm of the Let’s Do Business Group, will provide average loans of £80,000 to help struggling firms.
Jason James, relationship manager at Unity Trust Bank, said: “We support responsible finance providers so they can deliver affordable lending to help small businesses.
“The coronavirus crisis has created unprecedented challenges and we are pleased that this significant funding package will help Let’s Do Business Finance to support the Government’s CBILS programme.”
Let’s Do Business Finance, which originated in Hastings more than 15 years ago, is a leading provider of business advice and loans to SMEs in the South East and last year provided £5m worth of funds to 472 businesses.
Sean Dennis, managing director of Let’s Do Business Finance, said: “We have been working very hard to support businesses during these difficult times.
“We had a Tsunami of enquiries in the first month, more than we would normally expect to receive in a year.
“The coronavirus situation has had a huge impact on many businesses’ cash flow, especially those in the hospitality industry.
“It has created massive uncertainty over the future, had an impact on staff morale and many companies have had to pivot to keep going.
“As a business ourselves, we had to adapt quickly to meet the challenging introduction timescales of CBILS but the team has done a fantastic job.
“We have had a strong and valued relationship with Unity Trust Bank since 2012 that has helped us develop and grow.
“This latest funding package will make a real difference to businesses at this difficult time.”
With 35 staff and five offices across Sussex, Kent and Essex, Let’s Do Business Finance also covers Surrey, Suffolk, Norfolk, Hampshire Berkshire, Cambridgeshire and Hertfordshire.