January 1, 2020
"Getting this funding quickly has really helped in a time of need, and now I’m interviewing for staff with the new forklift truck already in place. To buy this equipment urgently, I was in the corner, and it was a real blessing to have the alternative - it was a pleasure dealing with Funding Options."
Fork Truck Borders Instruction provides operator training for plant machinery. Douglas Younger and his team teach students to drive and operate forklift trucks, cherry pickers, scissor lifts, dump trucks, cranes, excavators, and more, based in Berwick-upon-Tweed in Northumberland. We helped Fork Truck Borders Instruction get the funding they needed to buy machinery.
Managing director Douglas had been running the firm for seven years, and wanted to buy a new forklift truck so he could take on another instructor and expand the company.
The nature of the business means there are usually invoices waiting to come in from customers, leaving the firm occasionally short of cash when there’s a lot outstanding. Douglas decided to play it safe and get funding for his expansion plan, rather than risk his day-to-day cash flow.
He applied for an overdraft, thinking it should be easy enough to arrange with his existing business bank. However, new regulations put in place after the global financial crisis to make our banking system more stable have made it harder for banks to offer overdrafts to their small business customers. Unfortunately, Douglas’s firm didn’t fit the criteria, and his application was rejected.
To help businesses in this position, the major banks are working with Funding Options via the government’s Bank Referral Scheme. Through the scheme, businesses are referred to us when they can’t get finance with their bank, and we help them find an alternative lender.
Douglas was referred to Funding Options via the Bank Referral Scheme, and we matched his business with Iwoca, who were the best fit for the firm. Fork Truck Borders Instruction was approved for a revolving credit facilities the same day — so Douglas had the money in his account within 24 hours of being declined by the bank.
The cash injection made a difference straight away, and the business was able to purchase a brand new forklift truck and start interviewing for the new instructor position at the growing company.
Overall, Douglas is pleased to have found an alternative to his bank. With a funding line in place, he knows he has the flexibility to use the funding when there are lots of bills outstanding, and pay it off when his customers pay.
Learn more about what a revolving credit facility could do to help finance your business here.
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