In September 2020, we took on a client with a funding limit of £150,000, who provided industrial cleaning to companies in the south of England.
Running a business can be unpredictable at times. Unfortunately, they lost a large contract due to the failure of their biggest customer and went into a CVA (Corporate Voluntary Arrangement), to avoid business liquidation.
All hope seemed lost, as no one would provide funding in that situation. Then, Apollo Business Finance stepped in…
Because of our facility, they were able to trade on. The CVA has to close at the end of 2021 and to meet their obligations, we made them an extra loan to settle their debt, which they repaid over 3 months.
Now, free of debt, they began to look for new customers and we have just increased their facility from £150,000 to £350,000 to fund the new business.
Additionally, turnover has increased by over £1m, and they are able to offer competitive credit terms to attract new business.
Finding a range of financial support with a poor credit history when embarking on my new venture can be hard. We see past this and within 48 hours can get new clients set up, and funding provided.