Video – Deal of the Week! £120,000 Refinance using the Growth Guarantee Scheme!

In this clip from The Business Finance Podcast Episode 9, we discuss how we helped a Manufacturing Business secure a £120,000 business loan using the UK Government’s Growth Guarantee Scheme.

Our client had taken out several short term business loans with high interest rates, which is quite common when a relatively new business doesn’t have a great pool of lenders to choose from. The high monthly payments were causing cash flow issues and our client needed an extra injection of cash to buy materials for a new project.

After an initial rejection, we appealed and got the deal secured,. Our client used £70,000 to pay off the existing debts and we reduced the monthly payment’s by over £4,000 per month, by spreading the payments over 5 years. This also gave our client £50,000 to invest in their new project.

Finally, one of the most pleasing aspects for our client was that the Growth Guarantee Scheme removes the client’s primary residence as security, unlike the existing personal guarantees in place with the previous loans. This means should the business fail for any reason, their home is protected. This was always a worry in the back of our client’s mind and they were delighted to have this removed.

Please watch the short video below and contact us if you would like to enquire about The Growth Guarantee Scheme, whether that’s for a cash injection, to refinance existing borrowing or both!