Recovery Loan Scheme helps business to boost its production output
Reach Commercial Finance is an established national-based commercial finance broker who had a customer that operated in the food manufacturing industry who were looking to acquire new equipment to support its production factory.
Following significant business growth Reach’s customer needed to purchase a new Rotafill Pot filling machine that would support an increase in production needs. Due to the high value of this asset, the customer needed to raise substantial capital in order to quickly obtain the asset and continue to fulfil production requirements. The customer contacted Phil Trueman at Reach Commercial Finance to help find an appropriate finance provider who would understand their needs and offer the best financial solution.
Based on their existing relationship, Reach Commercial Finance approached Close Brothers Business Finance to find the most appropriate deal. Close Brothers were able to structure a deal that was tailored to the customer’s needs. They had clearly been affected by Covid-19 and Close Brothers considered the customer to be appropriate for a Recovery Loan Scheme of £90,000, which took pressure of the customers cashflow during a very busy period. Close Brothers worked closely with Reach to ensure the deal was completed seamlessly for the customer.
The customer was impressed with the solution as it enabled them to support its production factory. Phil from Reach Commercial Finance commented, “It has been a pleasure working with Close Brothers Business Finance. We couldn’t have completed this deal without them – together we have been able to find a finance solution for our customers.”
James Robins, Broker Development Manager from Close Brothers Business Finance said, “It’s been great working with Reach Commercial Finance to provide funding for their customer. Close Brothers are renowned for taking advantage of available support for SMEs and the Governments Recovery Loan Scheme is an example of this. We are able to offer this, where appropriate, to support businesses as they recover from the pandemic. We worked closely with Reach to support their customer and it’s great to see the positive outcome it has had”.