One of Genie Lending’s Business Finance Managers works closely with the Business Growth team at the local Enterprise Agency helping to structure commercial finance for growing businesses in the county. He was introduced to a rapidly expanding Dorset based engineering business which needed help to raise working capital and asset finance.
The company sought additional funding to enable it to buy materials and thus meet orders, forecasting growth of 30% to be delivered in the current financial year. The company also wanted some longer term funding in place for workshop improvements and new machinery. Its bank would not assist due to adverse credit by way of County Court Judgements, CCJs, within a sister company, also owned by the directors.
The two credit lines were far from straightforward to arrange, but our Business Finance Manager was able to work with two separate funders to meet the client’s requirements. The first provided a short term, 8 month facility of £21,000 with a weekly repayment profile to give the company the short term cashflow boost it needed. The flexibility to top up on a regular basis guaranteed an ongoing source of vital working capital. The second structure provided a £40,000, 5 year term loan via a crowdfunding platform at a very competitive interest rate.