Updated: 2nd June 2017
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
13th October 2021
The Bank of England has said it anticipates that rates of corporate insolvency will increase in the coming weeks following the removal of restrictions on winding up petitions.Read More