A London law firm has been able to safeguard jobs and its future against ongoing disruption caused by COVID-19 with a £500,000 Coronavirus Business Interruption Loan Scheme (CBILS) loan from Lloyds Bank.
Harold Benjamin Solicitors, headquartered in Harrow with a second office in the West End, specialises in property law, with particular expertise in secured lending and development in the retail and leisure sectors.
With income interrupted by coronavirus, managing partner Vijay Parikh contacted Lloyds Bank, with whom the firm has banked for more than 30 years, securing the six-figure CBILS loan in just five days.
The new funds available mean the firm has the capital to see it through the challenging weeks and months ahead, and can retain its staff and continue servicing operational clients and conducting active transactions.
Vijay Parikh said: “We’ve had a relationship with Lloyds Bank for three decades and the team there understand the financial strength of our business. This latest support was turned around very quickly and has meant we can weather the coronavirus storm, feeling assured that our future is safe and that the current situation will cause minimal long-term damage so that we can continue with growth and development plans post COVID-19.
“We’re looking forward to coming out of this crisis in a position to look at new opportunities and acquisitions.”
David Newbury, relationship director at Lloyds Bank said, “As with many businesses, coronavirus has come at a time when Harold Benjamin was in a period of growth and development. Vijay and the team were investing in the future of the firm before this interruption, and they are now primed to come out of the other side of it in as strong a position as possible. At Lloyds Bank, we remain by the side of businesses across the UK to help them do the same.”