We were approached by an architects practice based in Yorkshire. This was run 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.
We identified a funder who specialise in assisting small businesses, particularly those with a less than perfect credit history.
We helped the director secure a £15k loan to be repaid over a 6 month period. The loan was agreed to, and the money released within one week of the commencement of the application process.
“ Despite this being a profitable business, the delay of several key contracts was having a negative impact on cash flow. After reviewing the company’s financial position, we arranged for a short-term loan to be put in place, allowing the company to continue trading while awaiting payments from the delayed contracts to be made. ”Karl Hodson, Director
17th April 2019
HMRC applied to see more than 4,000 UK companies closed down over the course of 2018 and is being too aggressive in its pursuit of tax-related debts.Read More
12th April 2019
British high streets saw the sharpest rate of net store closures on record over the course of last year, according to a new set of figures.Read More