Key points
New client contract secured
Upfront expenditure required
Classic vehicle used to secure business funding
Background
Business Owner B had secured a new contract that required upfront expenditure before the associated revenues would be received. Additional business funding was therefore required to meet the initial costs.
Solution
A £750,000 Asset-Backed Business Finance facility was secured against an eligible classic vehicle. The facility provided the business with access to capital to meet the initial expenditure associated with the new contract.
Outcome
Business Owner B used an existing asset to access business funding for the upfront costs of a new contract.