£100,000 CBILS loan for Moonstone Day Care ensures vital local childcare service continues in Birmingham.
AskIf Finance was able to help Moonstone Day Care Ltd based in Birmingham source a CBILS loan of £100,000 as they adapted to the varying levels of attendance throughout 2020. The funds stabilised their cash reserves and ensured their nurseries could continue to serve the communities who needed access to childcare.
Director of Moonstone Day Care, Kerrie-Ann Wynter described the impact of COVID-19 on the organisation: “The number of children attending our nurseries dropped significantly, so our income fell. We were very sure that we would gradually see children returning, but seeing our cash reserves shrinking was very stressful at times. We didn’t know whether we’d be able to cover our running costs on a monthly basis as our outgoings remained high.
“The closure of a nursery can have a serious knock-on effect and can prevent parents from being able to go to work.”
“The CBILS loan provided reassurance for us, our families and our team that we could continue to trade until the number of children in our nurseries returned to normal.”
“Moonstone has four nursery sites and I think it would be quite devastating for the local community if we were to close. The closure of a nursery can have a serious knock-on effect and can prevent parents from being able to go to work.”
Moonstone has had to adapt their services very quickly to the changing conditions of the pandemic. Kerrie added: “We’ve had to change our whole approach. We use an online journaling system so parents can check in with the child’s progress which includes videos and photographs. We don’t want parents to feel like they’re missing out because they can’t come into the building.
“We’re just trying to give parents lots of chances to check in with us. Fortunately we’ve built on a digital infrastructure which was always in place, parents knew it existed but now they rely on it.”
“Fortunately we’ve built on a digital infrastructure which was always in place, parents knew it existed but now they rely on it.”
Looking to the future, Moonstone still has challenges to face but the CBILS loan has helped. Kerrie shared her advice to other childcare services who may be struggling: “I think it’s more important that services like ours do what they need to do to stay open for longer. It’s about how businesses can remain sustainable right now and that does sometimes mean focusing on the fundamentals.
“It’s also important to develop really good relationships with your customers. Our families trust us and know that we’re going to be doing everything we can to keep them and their families safe. That’s been really important in terms of our recovery. Giving customers the time, reassurance and guidance they need to work safely in the knowledge their children are being looked after in a safe environment.”