How we helped
The client has a near thirty year track record and has recently won a large seven figure contract which is expected to create between 10-15 new jobs.
The applicant’s revenues had increased to over £5m per annum at the time the application was made with profits increasing sharply in the most recent financial year. The latest balance sheet showed strong tangible assets and EBITDA showed that the requested loan of £150,000 over 5 years could comfortably be serviced. Furthermore, the bank statements provided in support of the application showed a well conducted account which operated in credit and the directors were property owners with considerable equity available.
Newable was therefore delighted to support this application subject to the personal guarantees of the directors.