Business Loan Success Stories
Have you struggled to secure funding for your start-up or small business? Whether you’ve been rejected because of a poor personal credit rating, lack of experience or unfavourable accounts, it can be tempting to take the knock-back personally and assume you’ll never receive funding.
Did you know that Tim Westergren, founder of music streaming website Pandora, was rejected 300 times for venture capital before hitting the big time with his dream? The story just goes to show that persistence pays off in the end. Still not convinced? Here are a handful of case studies from our very own clients, which prove that the money is there to be had – if you’ll let us help you find it.
Home Counties Independent Cinema Company
With suppliers demanding immediate payment on outstanding accounts, an independent cinema in the South of England needed to find £25,000 at short notice. The problem? The company’s director suffered from a poor credit rating as a result of a messy divorce, with defaults, county court judgements and mortgage arrears staining his record.
After looking closely at the company’s accounts, our Business Finance Manager concluded that the cinema was still very much a viable business, if only it could overcome its short-term cash-flow issues. Despite suffering two further rejections, Genie Lending worked closely with the client to obtain an unsecured business loan to the value of £25,000 over a 24-month period. The funds were deposited in the company’s accounts within 48 hours and the cinema was able to keep its doors open to the public, against all the odds.
North East England Food Wholesaler
Desperate for a cash injection to improve efficiency in product sourcing and enhance their profit margins, a food wholesaler from the North of England approached Genie Lending to help them find the funds. The owner of the business had failed in his previous venture in administration, leading to county court judgements against his name and subsequent difficulties in securing the loan from a high street bank.
Notwithstanding his track record, our Business Finance Manager was able to secure a second charge commercial mortgage on the wholesaler’s warehouse. This allowed the company to access £80,000, repayable over a 15-year period, and strengthened the owner’s bargaining positioning with his suppliers. As a result, the business boomed over the Christmas months and profit margins far surpassed initial projections.
Midlands Civil Engineering Company
A civil engineering company based in Nottinghamshire enjoyed a moderate profit in their first year of trading and healthy projections in their second. Just 20 months old, they set their sights on expanding out of their old offices and upgrading their machinery inventory, but required capital to do so. Despite the positives on their balance sheets, the relatively short time they had been in business discouraged banks from granting them the loan.
Genie Lending stepped in and after confirming the financial viability of the company, were able to source an unsecured business finance loan of £50,000 over a four-year period, requiring only personal guarantees from the directors of the company. The client first approached Genie Lending on the 29th October and received the funds in their account on the 20th November, meaning the whole process took just 17 working days from start to finish!
Get in touch
Now that you’ve seen what Genie Lending has done for other companies, why not hear what we can do for you? If you’re in need of a commercial loan, get in touch with us today. We’re waiting to hear from you!
