The Language College, a leading and well-established London based language school was hit hard by the COVID-19 pandemic and the new international travel restrictions that came with it.
As an acknowledged leader in face-to-face language training that attracts students from all parts of the world, the school started to face many unforeseen challenges, as a result of the pandemic. Whilst the College is a strong business, it is clear that COVID-19 has negatively affected the English Language Teaching (ELT) sector as a whole. According to the main industry body, EnglishUK, an estimated 40% of schools may not survive through the pandemic.
The Language College approached Invocap a few months into the pandemic after high street banks failed to process the loan application quickly enough. Invocap was able to provide a £1m Secured Business Loan over a term of 24 months through the Coronavirus Business Interruption Loan Scheme (CBILS), with the funds being used; to cover the cash flow needs of the business during the pandemic, invest in digital promotion, and expand its activities in the online learning and home tuition space.
COVID-19 has undoubtedly acted as a catalyst in driving demand for online training. This, and the funding provided by Invocap, has given hope to The Language College that it will not only survive through the pandemic, but will continue to thrive and succeed like it has done for many years.
The Chief Executive of The Language College added: “It was a pleasure to work with Invocap. They provided a significant cash infusion into our business at a time when it was most needed. Their team were friendly and efficient, and their online platform enabled us to complete the loan in a streamlined fashion. We look forward to working together as the College recovers and grows in the future.”