Deal of the Month
20th November 2018
Our regular updates will include a summary of a recent successful high quality loan application. If you have clients in similar circumstances, we would love to have the opportunity to help!
One of the many recent Newable Business Finance loan applications we received from one of our introducer partners was from a long established business which is an industry leader in plastic pipe drainage solutions for the agricultural, civil and sports field markets. The leadership team within the business have over 40 years of experience and innovation within the sector and provide their services to a client base across the UK and Ireland.
How we helped
We were asked to support the applicant’s growth plans with a loan of £150,000 over 5 years. The company wished to use the funds to improve manufacture with new moulds and tooling equipment plus purchasing new materials for a new product which utilises their new manufacturing plant.
The information supporting the loan request showed that revenues had increased by over 30% to a figure in excess of £12m per annum with strong profits shown. The balance sheet showed a strong fixed asset position owing to plant and machinery and the EBITDA calculation showed there was ample headroom for the loan requested. Furthermore, the supporting bank statements showed a well run account which always operated well within an agreed overdraft facility.
Newable was therefore delighted to support this application subject to the personal guarantees of the directors and the further support of the Enterprise Finance Guarantee (EFG).