Finance for startups

When too much business is a nightmare, not a dream!

Imagine a company that has recently launched and business is going well. So well in fact that they are way ahead of target. This should be a dream situation, but it can also cause a big problem. 

How do you service a wave of new customers when the business is set up to supply just a fraction of these numbers?

This was exactly the situation that a new car hire franchise found themselves in. They had been trading just a few months and the inquiries were flooding in. They were desperate to obtain more vans so they could keep up with the demand.

The problem was, being a new business, they had no financial information available.  The normal routes, such as the banks, would not entertain this fledgling business. It was at this point that the franchisee approached EFT Finance. Within a few days we were able to arrange finance for five used vans.  

This was possible due to two factors. Firstly, because we are involved with a wide range of funders we know who to approach depending on the business and their financial scenario. Secondly, we know the questions to ask of the business owner and how to submit this information to the appropriate funder to gain a positive result.

In this particular case, we’ve gone on to source finance for the franchisee's personal car. This too has been agreed at a very attractive rate.

For startups, an abundance of orders should be a dream and raising finance to supply the demand needn’t be a nightmare.  They just need to know the right people to ask for help.

Don’t assume that lack of financial information means you can’t raise the finance you need to grow your business. Have a question? Contact us.