ASC Success Story
Winning with the EFG scheme
Charlie Dalton had spent a few years building up Smart Offices Ltd, manufacturing and selling small office units for use in domestic gardens when he began investigating a new venture, Mini Offices Ltd, to provide the units on a rental basis. He tried several options to raise funds to develop a fleet of offices, but to no avail. FSB recruiter Stephen Jagger put him in touch with ASC Director David Hall in Norfolk & Suffolk to help.
When David met Charlie the idea was still in its infancy. David recommended he prepare a detailed business plan with financial projections, incorporating the existing business and how the two would complement each other. The plans took several months to complete by which time the recession had begun. With banks becoming increasingly cautious over projections, David reassured Charlie he could use the business plan to present a strong case to specific lenders.
He knew that Charlie's best chance was via the Government's newly launched Enterprise Finance Guarantee scheme but most lenders would not assist. After detailed and proactive discussions one main lender said they would seriously consider the application. Encouraging the lender to meet Charlie on site helped influence the decision as they could immediately see the business potential.
After weeks of debate, a business and finance structure was agreed, and with several orders already signed up, the lender approved the facilities. As a condition, Charlie had to transfer Smart Offices' existing banking and lending but some orders were now urgent. David persuaded the lender to complete and transfer the loan facility before the main banking was transferred.
ASC managed applications from start to finish and David's continuing intervention proved invaluable to keep things on track, resolving inevitable issues along the route to completion.
Charlie couldn't be more grateful, "You helped us define the key financial requirements of our business and critical parts of our business planning. Your impressive insight got the right message to the right lender at the right time, even in the depths of a recession. Our business is swimming along nicely and we've got the financial clout we need now to grow the business as required. Thank you for your hard work and regular contact (even after we completed), determination, friendly and professional demeanour. Of course we are happy to recommend you and your service"
We focus on arranging finance for your business...
so you can focus on running your business
We work in the way which works best for you