£100,000 PGI approval for digital learning, technology and consultancy services provider

This business provides digital learning, technology and consultancy services provider to a range of SMEs.

The client had applied for a CBILS loan to support cashflow requirements in the business caused by the delay/cancellation of existing contracts in response to the pandemic.

The business also needed to invest in boosting its digital training platform to continue to deliver services whilst physical training was hindered by social distancing measures. The Director was reluctant to sign a Personal Guarantee in support of the cover having never needed to sign one in support of a debt facility for the business in nearly 10 years of trading.

As a result the Directors sought out cover to protect their personal risk position giving them valuable peace of mind at a challenging time for the company.

Interesting facts about the case

• We can consider cover for Personal Guarantees signed in support of CBILS facilities.
• Every application is allocated a dedicated underwriter who reviews each case we receive to ensure every application's merits are considered
• Keep in mind that the government guarantee for CBILS loans is only recoverable by the lender once they have exercised recovery through their charge and Personal Guarantee securities, so the Personal Guarantee still presents a considerable risk to personal assets

Find out more

www.purbeckinsurance.co.uk

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