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.
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.