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, Partner