Overcoming barriers and securing funding during the current financial climate
Reach Commercial Finance has secured a six figure facility for an East Midlands based electrical services firm.
Phil Trueman of Reach helped Stamford based, Active Electrical Services Ltd, in securing a funding solution: “They are a long-standing client and we have completed work for them a number of times in the past, so we were confident in securing this additional finance for them.”
Director of Active Electrical, Russ Green, has a strong existing relationship with the Reach team which allowed them to be a “sounding board for one another.”
Shaun Bennett of Aldermore worked closely with Reach Commercial Finance and delivered the specialist finance facility.
Phil Trueman discussed some of the barriers they faced while trying to secure finance, “One of the biggest challenges faced was to ensure that the projects sat in the pipeline for Active Electrical are ready to go once current restrictions are lifted. This means having a significant amount of materials readily available when that happens.
“We had to find a way to take the pressure off company cash flow and ensure suppliers were still receiving payments.”
Current restrictions also meant that getting legal agreements signed and witnessed presented problems. However, with the assistance of virtual meetings and online solutions they managed to work around this.