Yorkshire-based architects boosted with new finance channel
We were approached by an architect’s practice based in Yorkshire. This was managed by an experienced director who had previously run his own business; however, his current venture had only been trading for 11 months.
While the business was profitable, three contracts had been delayed, meaning there was a need for a short-term cash injection. The director had a poor credit history, including VAT arrears. Consequently, the bank declined to provide the company with any funding.
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We identified a funder who specialised in assisting small businesses, particularly those with a less than perfect credit history.
We helped the director secure a £15,000 loan to be repaid over a six-month period. The loan was agreed to, and the money released within one week of the commencement of the application process.