Swoop Funding - Refinance
Swoop Funding is a finance broker that provides solutions to help UK businesses protect their financial health
Offering a range of services to support business growth, they have extensive experience in providing asset finance to their customers.
Combating rising costs
With escalating energy prices, rising labour costs and ongoing supply chain issues – the ‘cost of doing business’ will ultimately have an impact. For Swoop Funding’s customer, the increasing cost of raw materials was placing a strain on business cash flow.
They required a cash injection that would allow them to invest in stock and ease cash flow and contacted Swoop Funding to help find them an appropriate finance provider that would understand their needs and offer the best financial solution.
The ideal solution
On behalf of their customer, Swoop Funding worked closely with Close Brothers Business Finance and proposed a refinance agreement that would allow their customer to access cash from existing assets on their balance sheet and use the value elsewhere in the business.
The agreement raised in the region of £450K which allowed the customer to invest in enough raw materials and stock to fund the next six months’ worth of projects. They also found their cash flow eased between purchasing materials and fulfilling contracts. The customer was extremely satisfied with the outcome as not only were they able to get a much-needed cash injection to help with the increasing costs, but they were also able to pay off existing Hire Purchase agreements and spread the cost further.
Working in partnership provides the desired result
Rhys Cunnah, Head of Unsecured and Asset Finance at Swoop Funding commented: “Working in partnership with Close Brothers Business Finance allows us to provide suitable finance solutions to our customers; we have helped our customer invest in stock and ease cash flow with little disruption to day-to-day activities.”
Amanda Wytenburg, Broker Development Manager from Close Brothers Business Finance said: “We are proud to be able to help businesses combat rising costs so that they can respond confidently to market changes – this case demonstrates the perfect example of how we can work with Brokers to release the value held in existing assets and create positive cash flow.”
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