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Archive for the ‘Asset Finance’ Category

Adding to and replacing a haulage company’s fleet.

Monday, September 13th, 2021

A relatively new business was looking to upgrade it’s fleet of vehicles and adding to them after winning a large contract.

The contract would allow the business to more than double it’s turnover. The owner of the business was not a home owner and thought he would struggle.

We have a lot of experience in financing vehicles and equipment. We were able to finance all the new vehicles required and finance the replacement vehicles too. On top of that, deposits were required for each vehicle and we were able to refinance some of the older fleet to raise all the deposits for the new vehicles.

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Problems with HMRC arrears

Monday, September 13th, 2021

This company approached us to initially provide an unsecured loan to repay some large HMRC arrears.

Once we identified how the arrears had built up, we were able to raise most the money required to pay off the arrears in full, but we advised this business to put a time to pay arrangement in place with HMRC through a specialist that we know well.

Once that was agreed, we put a finance facility in place to ensure that the arrears were repaid on time as well as the current commitments.

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Complemed Therapy

Saturday, September 5th, 2020

Complemed Therapy specialises in various therapies ranging from manipulative therapy, remedial massage, natural and nutritional therapy including food intolerance using a natural, drug free range of therapies with an aim to achieve a state of natural health.

“We approached our bank for funding to purchase equipment for our clinic, but unfortunately banks are not particularly quick on responding. We have used XL Business before and found that they couldn’t do enough to help and the rest speaks for itself. Brilliant”

Simon Harvey-Oates, Complemed Therapy

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Nitecrest

Sunday, August 30th, 2020

“Nitecrest have been using XL Business Finance to fund its capital expenditure since the business started trading some 10 years ago. As a new start business XL Business Finance were able to arrange finance for two large machines costing around £200k each. We continue to use them as they provide a high level of service and expertise. We would have no hesitation in recommending them.”

R A Hart, Chairman, Nitecrest Ltd

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£2m turnover automotive supplier

Friday, August 14th, 2020

“My business had just secured a large contract from a UK plc but was faced with having to sub-contract the final process, thus paying for someone else’s overheads and profit. An introduction to XL Business Finance helped secure suitable funding for the right piece of machinery to be enable the same operation to be brought in-house. Monthly turnover jumped from £100k to £250k on the back of this asset.”

Financial Director, £2m turnover automotive supplier

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£10m turnover print business

Friday, August 14th, 2020

“After trawling the major clearers for 6 months, XL Business Finance were able to put in place a deal for a £2m capital asset when nobody else would look at it. Their perseverance and diligence in establishing a deal was a credit to them.”

FD, £10m turnover print and packaging business.

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ESP Technologies Group

Wednesday, August 12th, 2020

“XL Business Finance have helped us with a range of finance deals over the past 5 years. They have a very professional “can do” approach and have never failed us. In addition to straightforward new machine finance they have assisted with finance on early adopter technology and a variety of refinance deals.”

Stephen Hood, Managing Director, ESP Technologies Group Limited

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Hundreds of Grants for UK Businesses

Thursday, February 15th, 2018

Local Government departments and councils who have regeneration targets often meet these goals by providing grants to businesses for specific projects. The project will tackle the issue (for instance: reducing unemployment or filling empty shops) by rewarding the business in the form of a grant to employ staff or refurbish shop premises.

Although this ‘free money’ is available – it is rarely promoted because councils do not have the capacity to cope with the high demand. Therefore eligible businesses often miss out on this funding which has the opportunity to be influential to the success of their businesses. We are experts at both searching for and applying for grants. Some of the funding currently available includes:

• £10,000 for businesses who develop digital innovation
• An award for businesses who improve communities in Greater London
• £100,000 of branding and marketing support for food businesses
• £20,000 for young entrepreneurs to develop new ideas
• Up to £50,000 for Scottish businesses that promote workplace equality
• Up to £12,000 for farmers to buy new equipment
• Up to £250,000 for businesses in Leeds for capital investment
• 21 different funding programmes for businesses in the Construction industry

There are many more grants, awards and training programmes across the UK. Contact us today to find out if there are any relevant schemes available for your organisation.

Tags: Asset Finance, business funding, grants
Posted in Asset Finance, Business finance, Cash flow finance, General, Invoice Finance, overdrafts, refinancing, Small business finance, Trade Finance | Comments Off on Hundreds of Grants for UK Businesses

Scale-up Businesses struggle to find funding

Monday, January 29th, 2018

A scale-up business is recognised as a young organisation with at least 10 employees which grows by an average of 20% each year. Scale-ups are of huge importance to the UK economy providing jobs, inward investment and innovation.

However, scale-up businesses often find it difficult to source finance from mainstream funders due to a lack of trading history, asset value or limited management experience.
Grants and regional funding options exist, but many are for very early-stage development rather than growth. Bank Loans are an option for companies with solid cash flow that can support the interest payments. However, new global capital regulations designed to make banking more stable have made it harder for banks to offer large overdrafts, and so alternative options are often required by businesses looking to raise finance.

Invoice finance is a popular way for scale-up business-to-business (B2B) firms to unlock vital working capital as it grows with your business. Working capital finance options for high-growth business-to-consumer (B2C) firms are less obvious. However, a relatively new type of lender is emerging offering merchant cash advances where businesses repay a fixed percentage of revenues.
Many crowdfunding platforms exist, including equity and non-equity options. When it comes to investing in new equipment, there are plenty of options available. Asset finance, otherwise known as asset leasing or lease rental, has been around for many years and for good reason, but not everyone is aware of how it can benefit them.

Asset leasing is a tax-efficient and flexible way to purchase the equipment you need without compromising your cash flow, and is suitable for all industry sectors and any size of business. Terms are available from one to five years with only a minimal deposit required in most cases.

Ultimately, there’s no easy answer for financing a scale-up and businesses may need to share the risk and look at numerous options. It does depend on your approach to risk, your attitude to giving away part of business, and your company’s ability to finance a debt.

To see how we can help you grow your business by providing funding options to suit your needs, contact XL Business Finance today for an initial discussion.

Manchester – 0161 980 0577
London – 020 3301 4540
xlbusinessfinance.co.uk

Tags: Asset Finance, bank loans, cashflow, invoice finance, scale up business, scale-ups
Posted in Asset Finance, Business finance, Cash flow finance, Factoring, Factoring broker, Factoring company, Finance lease, General, invoice discounting, invoice factoring, Invoice Finance, invoice financing, overdrafts, refinancing, Sale and leaseback, Small business finance, Trade Finance | Comments Off on Scale-up Businesses struggle to find funding

Take advantage of the Regional Growth Fund

Tuesday, January 13th, 2015

XL Business Finance has access to the Government’s Regional Growth Fund.

The fund provides a 20% deposit contribution on capital expenditure on new or used equipment, up to a maximum of £10,000 per job created or safeguarded.

Example one
Your business is investing in a new machine tool at £120,000. As a result you will create 2 additional jobs. You could be eligible for a grant of £20,000 towards the deposit of the tool.

Example two
Your business is buying a used printing press at £41,000. As a result you will create one new job. You could be eligible for a grant of £8200 towards the deposit of the tool.

Eligibility

Small or medium sized business with fewer than 250 employees and turnover less than £35m
Customer must pay a 5% deposit contribution from their own cash flow
A business must not meet the finance companies normal lending criteria. This could be simple as not having the required deposit or being unsure as to whether you can afford the monthly payment.
Approximately 12 months after the loan starts, your auditor will be required to provide formal confirmation that the commitment you have made to create or safeguard jobs has been fulfilled.

Key Features

RGF monies take the form of a grant
The level of the grant available is based on the size of your business, the amount of the investment, the number of jobs that will be created or safeguarded.
The balance of the loan will be funded on either a hire purchase or finance lease facility the terms of which will vary depending on your credit status.

For further information contact us now.

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