This left the business with bills to pay but nothing coming in to pay them with after income plummeted due to the coronavirus. Now, the provider of linen services to the hotel and hospitality industry has secured a lifeline of £100,000.
Anna Slater, the firm’s managing director, approached Liverpool business loan and equity provider, Merseyside Special Investment Fund (MSIF) for help and through its dedicated Coronavirus Resilience and Recovery Fund (CRRF) MSIF was able to offer a loan of £100,000, supported by the Government’s Coronavirus Business Interruption Loan Scheme (CBILS).
Ms Slater said: “With our business being an extension of the hospitality sector, we found ourselves in a very difficult situation due to COVID-19. We had growing concerns about when the business would resume and how, in the meantime, we were meant to continue paying bills with no income to speak of. Having considered other avenues without success, I then approached Sue Chambers, an investment manager at MSIF and explained our circumstances. We were able to quickly secure a £100,000 CBILS loan to allow the business to continue to trade and help us navigate our way through the impacts of the pandemic. MSIF have worked with us numerous times over the past six years helping us secure funding and progress our business. Sue and the team are invaluable and we cannot thank them enough for their support and belief especially in this testing time.”
Merseyside Special Investment Fund, manages a number of funds and was set up in 1994 to promote economic growth in the region by addressing the funding gap. The group has since provided funds totalling more than £190m for over 2,250 businesses.
Ms Chambers added: “I have known Anna and NW Linen Services for a long time and I had the pleasure of supporting the business through various stages of its growth. As a young businesswoman, Anna has successfully grown her business and secured new contracts over the years, but sadly no-one could have foreseen the impact coronavirus would have on local businesses across the region.”
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