Secure Trust Bank dishes up £250k CBILS facility for kitchen company
Secure Trust Bank Commercial Finance has provided a £250,000 facility to Faith Furniture Company as part of the Coronavirus Business Interruption Loan Scheme (CBILS).
This facility builds on a long-term relationship between the two companies, with Secure Trust Bank supporting the growth of Faith Furniture Company with an invoice financing facility since its launch in 2014.
Bolton-based Faith Furniture Company is a specialist in the supply of kitchens and appliances for the kitchen, bedroom and bathroom (KBB) industry, serving independent studios and family-owned merchants with their own brand of kitchens, LochAnna.
Following the national lockdown in early March, Secure Trust Bank Commercial Finance worked closely with the management team to quickly secure a £250,000 CBILS facility. The working capital has been used to maintain relationships with key stakeholders and members of the supply chain, as well as investing in product development and marketing literature to ensure the brand continues to grow and can capitalise on the ongoing home improvement boom.
Since reopening, Faith Furniture Company has seen July, August and September figures up on the previous year.
Secure Trust Bank Commercial Finance was one of the first alternative lenders accredited for the Coronavirus Business Interruption Loan Scheme (CBILS), and the sister loan scheme for large companies (CLBILS). In July the company also reached its £5bn lending milestone, having funding £1bn of invoices in the previous 10 months.
Paul Jenkinson, managing director at Faith Furniture Company, explains: “As soon as lockdown hit and we understood the financial challenge that we would be facing, we immediately got in touch with the team at Secure Trust Bank. As our previous relationship had shown, we knew that the team would move very quickly and would remain really communicative, which can be rare with banks.
“Early into our return to work after lockdown, we decided to carry on investing to make the most of the home improvement boom, and this working capital has allowed us to maintain our relationships, invest in product development of new ranges and create new marketing literature. We’re now in a position to be launching four new kitchens in October and planning for others in the next year. The CBILS loan and the help of Secure Trust Bank gave us the confidence to make this possible.”
David Pelham, relationships manager at Secure Trust Bank, added: “Secure Trust Bank has been working with Paul and the team for a number of years; we have a good working relationship, using our knowledge of the business to tailor the facility that best suits their needs, and this CBILS loan is no different.
“At a time where many businesses have chosen to stand still, the management team at Faith Furniture Company have done the opposite. The team identified the opportunity for growth and the facility has allowed them to continue to invest in product development and ensure they reopened in a strong position.
“We look forward to continuing our relationship with Paul and his team and seeing them prosper in the coming months.”