ASC Success Story
FSB member expands her nursery to satisfy demand
From 1999 FSB member Mrs Rasila Panchal ran a Children ’s Nursery from premises connected to her house in Huntingdon and later she started an after schools club. This year, more space was needed for growth so she sought planning permission to demolish the existing nursery, rebuild larger premises and convert the ground floor of her house. This would increase capacity from 13 children to 40!
Rasila was very excited but needed to raise the funds. The FSB referred her to Paul Arnold, ASC Director in Cambridgeshire which meant at the outset she had a finance specialist, architect, accountant and solicitor - a very supportive team.
7 months later in June 2010 she had the planning, costings and up to date financial data together with projections to move forward. Paul approached ASC panel lenders armed with a full business appraisal and arranged a refinance of the existing mortgage to provide 100% finance for the proposed works in agreed stages, with a drawdown retention.
During the rebuild Rasila had to vacate her premises and rented a local hall. She obtained a registration increase from Ofsted of 13 to 35 children at these temporary premises so she could build up her numbers ready for moving back into her larger Nursery.Paul said “when I met Rasila and her husband I just knew this lady was going to achieve her ambition as she had so much drive and enthusiasm and she deserves to succeed with this very exciting project.” Rasila responded “without ASC I could not have achieved my goals, I would recommend you to anyone who requires business finance”.
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