Atom bank has provided a £1.5m loan to Cube Metals Ltd, a steel fabricator and welding engineer company, whose applications had previously been rejected by high street lenders, to help refinance an existing Coronavirus Business Interruption Loan Scheme (CBILS) loan.

Daniel Kacprzycki, founder of Cube Metals Ltd, took out a CBILS loan with the purpose of buying a permanent trading premises and unlocking future growth for the business. After the pandemic, Daniel needed to refinance the CBILS and bridging loans as the monthly payments had become unsustainable.

The business turned to Mickey Wong at ABL Business to help, who took the case to the high street lenders first. He saids the big banks had no interest in refinancing a loan from a past government scheme, despite the fact the business had grown year on year, even throughout the pandemic.

An agreement in principle was secured with Atom bank, but there was a tight turnaround as the loan needed to be completed in 13 working days to avoid a default on the bridging loan. The broker and Atom worked alongside Square One Law as solicitor to ensure the loan would be completed, and funding was secured through the Recovery Loan Scheme (RLS) within the timeframe.

Meeting the deadline saved Cube incurring default costs and further re-arrangement fees estimated to be at £50,000, which would have been payable if the deadline had been missed. Refinancing through the RLS has also reduced Cube Metals Ltd’s monthly loan payment by an estimated £30,000 per month, ensuring repayments are more manageable over the long term.

Cube Metals Ltd is a specialist in structural, architectural and agricultural metalwork. The new site and reduced monthly costs are helping the business continue its post-pandemic growth and build security for the future. Cube has been able to set itself up as a one-stop shop that offers an increased number of services, putting it in a stronger position and becoming more resilient to market changes. The business has also been able to outsource less, reducing costs to the business.

Tom Renwick, head of business lending at Atom, said: “We know times have been tough for small businesses, and all too often firms who need finance are overlooked by high street lenders. We were delighted to work with the broker and help Cube Metals Ltd get access to the refinancing they needed to help the business continue to grow.”

Wong added: “I am glad we were able to achieve a positive outcome for Daniel and his long term plans for the business, with Atom bank going above and beyond to ensure completion on time.”

Kacprzycki said: “The Recovery Loan Scheme saved our future. While other lenders didn’t see the bigger picture, Atom did and we may not have survived without them.”