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Finance for Business UK - Regional Growth Fund and Hire Purchase

Professional architectural glazing

Finance for Business UK’s client fabricates and installs aluminium windows, doors and curtain walling for commercial clients in the construction industry.

The company also offers remedial services offering repairs and maintenance to fix glazing issues, typically in schools, hotels and hospitals.

Seizing a growth opportunity

The company directors knew that when they reached a certain production level they’d have to invest in new machinery.  The push to invest came when they saw an opportunity to grow their market share when a competitor pulled out of the market.

As a relatively young business, they didn’t have the funds to purchase the CNC machine from supplier Addison Saws and therefore to seize the opportunity, they would need some financial help.

Finding the right finance solution

Addison Saws pointed the company towards finance broker Jeff Rimmer from Finance for Business to find out more about the options available to purchase the equipment.

After assessing the business requirements, Jeff recognised that as an expanding company that was taking on staff but didn’t have the cash reserves to fund a hefty deposit, they could be eligible for a grant from the Regional Growth Fund (RGF).

Jeff Rimmer, Finance for Business said: “Close Brothers Business Finance is one of my primary funders, and as a distributor of RGF funds, they were my first port of call in this instance. Business Development Manager Barry Joughin was incredibly helpful.  He came with me to meet our client and was able to guide her through the application process, which resulted in a grant of £20,000. He then structured a Hire Purchase deal that would cover the balance on the machinery.”

Increased production and improved productivity

The client said: “The RGF really helped us bridge a barrier to growth. The application process was very straightforward, sensible and quick, and without excessive red tape.

“The grant has allowed us to move the business forward, increase production levels and improve efficiency. We have already taken on four new fabricators and foresee a secure future for the business.”

Jeff added: “It was a pleasure to work with Close Brothers on this deal. Their strength is their understanding of the marketplace, combined with their understanding of individual customer needs.

“I have a great working relationship with Barry and with Steve Brownhill, an underwriter at Close Brothers. I’d describe them as “deal-doers” – they make deals happen, even when the circumstances are complex.”