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Parallels Print and Packaging

Finance for new start business can be often difficult and often fruitless. This was not the case, however, for new start business Parallels Print and Packaging. Having unsuccessfully approached several   high street banks for new start finance their accountant put the directors in touch with XL Business Finance.

Ross Griffin and Tony Killgalen required a £250k finance lease facility to purchase a new laminator and industrial die cutter for their new business venture.

As an independent finance company, XL Business Finance was able to quickly assess the business plan and arrange a meeting with a suitable finance company. Although high street banks and finance companies traditionally will not finance new start businesses, there are a plethora of smaller and less well known finance companies willing to help. Within a week a finance offer was issued to Parrallels and the directors were able to get their venture up and running.

Ross Griffin says “ XL Business Finance were introduced to myself at a time when we were getting extremely frustrated with a certain well known high street bank. Following a series of short meetings with decision makers a competitive finance offer was quickly received. Myself and my fellow director would have no hesitation in recommending XL Business Finance to arrange equipment leasing and hire purchase for capital investments”

The equipment leasing facility was to form part of a package lend including a Small Firms Loan under the government operated Small Firms Loan Guarantee Scheme (SFLG)  A  factoring facility was also organised with an independent finance company .

Parallels sensibly sourced their Small Firms Loan from a high street bank under the guidance of their own accountant and corporate finance specialists. A second and independent factoring company was chosen to provide cash-flow finance. The overall package therefore sourced funding from three separate sources so as to not to have their eggs all in one basket. A sensible strategy in view of the current financial uncertainty.

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