Over the past 12 to 15 months there has been an enormous concentration on providing funding to SMEs across the UK that have been severely hampered by the effects of a global pandemic.
The funding available from Kingsway Asset Finance is not only available for UK businesses going through those challenging times, but also for expanding and diversifying businesses, as well as the many new businesses that are emerging.
One example of Kingsway’s funding helping a new business was when we were recently asked to provide assistance for an innovative new company looking to offer a family-friendly office space and business centre. Among the many added attractions to the business and workers were an on-site childcare facility and nursery, cafe, play centre and events space, all under one roof.
The application for funding was to allow them to lease various types of equipment including tables and benches, seating and shelving, a nursery kitchen including work top units, acoustic panelling, fireplace cabinets, chairs, air-conditioning and audio visual equipment storage.
By leasing the equipment the customer was able to pay for it whilst it makes money for their business, rather than paying for the assets upfront and utilising essential cash reserves best used as working capital for the day to day running of the new business.
The enquiry came from Astmoor Finance, a broker new to Kingsway, so first things first, our BDM spent time with them to guide them through the initial proposal requirements – ensuring everything was in place to enable the deal to be reviewed by our credit team. Once all the basic information had been gathered, the proposal was formally submitted to underwriting , with the acceptance issued the very same day.
A minimum term finance lease to the value of £25,000 was arranged to provide finance for all the equipment required.
But we were up against time – an opening day had been arranged with invites sent out to local businesses and residents… the clock was ticking…
So now it was time for our Operations team to step in: working closely with the new broker to ensure the correct documentation was received and correctly completed and then processed for pay out. It wasn’t the easiest of deals to complete due to the many different assets and suppliers, all with different demands and expectations.
But the deal was completed in time for all the equipment to be delivered and installed ready for the grand opening, much to the satisfaction of the broker, their customer and their suppliers.
Operations Executive at Astmoor Finance, Robyn Gudgion commented: “we all really appreciate the assistance that Kingsway and Michelle Taylor-Mitchell in particular have given us to get this one over the line. You went above and beyond and we’re really excited for the next deal with you guys”.
Mike Day, Sales Director at Kingsway Asset Finance added: “this was a deal that illustrated how the team at Kingsway will always go the extra mile to help meet the demands of the customer, broker and supplier to create an excellent broker experience when dealing with Kingsway”.
Kingsway work in partnership with a wide range of asset finance brokers and business finance advisers throughout the UK. Kingsway are a patron of the National Association of Commercial Finance Brokers (NACFB), who are an accredited trade body representing over 1,900 commercial finance brokers in England, Wales, Scotland and Northern Ireland. A list of member brokers can be found on their website: www.findsmefinance.co.uk.
If you’re a broker or business finance adviser and want to find out more about working in partnership with Kingsway and the funding solutions we offer, please don’t hesitate to get in touch by calling 01625 540 600 or emailing enquiries@kingswayfinance.com.
