|09/06/2010 - Business Link West Midlands’ Finance for Business – helping businesses to become more sustainable and grow|
Business Link’s Finance for Business (previously known as “Access to Finance”) helps businesses secure finance to help them grow their businesses. This groundbreaking initiative was developed to ensure businesses receive tailored expertise and knowledge, not to mention unrivalled access to a range of funding opportunities.
The success of this funding is evidenced by:
The growth plans of a leading West Midlands company are back on track again after Business Link West Midlands, Birmingham City Council and Investbx once again joined forces to provide a solution to the company’s fundraising problem.
The company employing 16 skilled people - engineers, designers and electricians - at its production centre, has bounced back from a tough period to win new orders restoring turnover to the £1.7m levels seen in 2009.
One of its latest opportunities has seen the firm successfully complete a UK and European-wide tender worth a minimum of £500,000 – requiring the entire project to be financed upfront, dictating the need for the company to raise significant finance against a backdrop that was not particularly supportive of the climate the company operated within.
“Despite preparing a compelling case and going to the banks and the market for conventional finance, it was just simply not available and we had to better understand our options so that we did not miss this opportunity,” the company spokesperson commented.
“We had been working with Business Link WM for many years and meeting with our adviser he identified areas where we could improve our business plan and then brought in specialists to advise on financial forecasting, modelling and raising the required capital.”
He continued: “Using their knowledge of the marketplace, they introduced us to Investbx, who administer the Birmingham City Council’s Loan Fund for businesses. The feedback was immediately more positive than the banks.”
After a rigorous assessment of the business case and returns on investment, an initial agreement has been drawn up to provide the company with up to £250,000 to help fund additional costs that may be accrued outside of its conventional finance facility.
Having this additional money in place means the forward-looking company can confidently start and complete the contract, safeguarding existing jobs and creating up to seven indirect positions in the local supply chain.
For more information on Finance for Business, please contact Business Link West Midlands at www.businesslinkwm.co.uk. Alternatively you can call 0845 113 1234.