A recent applicant for a Newable Business Finance loan was a company which is one of the UK’s leading PR and marketing agencies. The business had traded successfully for over 15 years however the senior management team had highlighted a need for the business to take on and train new members of staff alongside additional freelance workers as the company grows further.
We were asked to support the applicant’s growth plans with a loan of £150,000 over 5 years. The company’s turnover had risen by over 30% in the last 2 years with strong profitability seen. The company bank statements helped us to evidence serviceability of the proposed loan with their overdraft facility barely utilised.
The company directors had strong personal files with substantial personal net worths seen and we were very happy to support this request and the loan was agreed subject to a Debenture and directors personal guarantees.