A limited company clothes shop owner had the opportunity to buy a consignment of stock from a supplier. If the store could pay cash on delivery, double the normal margin could be achieved and bottom line cash profit delivered in a matter of weeks.
The owner manager of the shop approached his bank. Having spent three days trying to get hold of a decision maker, the shop owner finally spoke with a banker last Friday morning only to have his request for an overdraft declined because he had a weak credit score.
How we Helped
Recommended to speak to Genie Lending by an existing client, contact was made at 3.00pm on Friday, some very basic financial information was supplied and by 4.30pm the same day, a £20,000 12 month unsecured business loan had been agreed. The paperwork was sorted by 9.45am on Monday morning and the unsecured business loan in the shop’s bank account before lunchtime.
The stock is now on the shelves ready for sale this weekend. The working capital provided by the unsecured loan can now be recycled many times over enabling the retailer to generate significant extra profit which a week ago would have been impossible.