Technology firm weathers the pandemic after accessing a CBILS Loan with White Oak
17 March 2021
White Oak has helped an innovative West Midlands tech firm survive the pandemic and now position themselves for growth in 2021. The technology firm specialises in hardware and software for testing a variety of industry applications.
THE IMPACT OF CORONAVIRUS
As with many of White Oak’s clients, the firm had seen a sharp drop in sales in the first half of 2020 which caused major disruption to their liquidity. They had begun exploring creative ways of managing the disruption, hoping at all costs to avoid having to furlough any staff. Losing any of their nine employees would be catastrophic as their research and development operation would come to a standstill and their technology would fast become outdated.
WORKING WITH WHITE OAK
The company’s bank had been supportive of the business through the pandemic, but management felt that a more flexible investment was needed. The company turned to White Oak to explore new financing solutions in September 2020 and White Oak worked with the business to create a tailored solution for them. The firm worked with a personal White Oak Consultant to ensure they could access their money in a matter of weeks.
The founder of the business said:
When the clock’s ticking on your business’s survival, you need reassurance and security. That’s why White Oak were so helpful. The White Oak consultant explained the CBILS process to us at every stage and helped guide us quickly through the process. I do feel that more businesses like ours will look to independent business lenders like White Oak for this reason.
LOOKING TO THE FUTURE
With the support of White Oak, the firm was able to continue operating and weather the difficulties presented by the pandemic. They have since managed to develop a new product which they will be rolling out for customers in 2021.
White Oak have helped the business to not only survive the pandemic, but now position themselves for growth in 2021.
White Oak’s team of consultants are here to support UK businesses through COVID-19 and beyond. Advisers can help you work out your next steps, create a plan of action and provide a gateway into the vital resources, support and initiatives needed to sustain your business.