Fast funding that "works" thanks to Venture Finance
Premier Invoice and Asset Based Lender, Venture Finance has provided a 50k start-up funding facility for Sussex clothing company The Logo Works. Having been refused credit from a high street bank, The Logo Works was introduced to Venture through a personal contact. Attracted to the flexibility of its Fast Track Factoring package, The Logo Works agreed a deal within just five days of the initial meeting.
The Logo Works founder, Paul Foley, boasts over 20-years experience supplying embroidered and screen printed garments, ranging from budget priced t-shirts to Gore-tex jackets. The company also prints in-house garments using state-of-the-art machinery. It supplies to corporate clients, such as marketing and purchasing managers.
To get The Logo Works up and running, Mr. Foley required an immediate cashflow boost to underpin early orders and stock costs. Discouraged by the options offered by his previous lender, Paul turned to Venture Finance who in just five days put together a Fast Track Factoring facility, designed to provide that all-important working capital boost to kick-start the company.
Mr. Foley comments: "Venture''s personable relationship was a major influence in securing the deal. I immediately felt that they not only understood our business, but also cared about it and where we wanted to take it. Venture was flexible in its approach, providing us with funding when others couldn''t and quickly - without fanfare or fuss. The Factoring package has allowed us to get off the ground and I already have plans in place for this year to employ further account managers and sales staff."
Tony Tydeman, Business Development Manager, Venture Finance comments: "This company shows a lot of promise and I was very impressed with Paul''s business plan.
But yet once again, we witness another start-up struggling to secure funding from the banks. It is becoming an all too familiar picture. Paul has a good business pedigree given his past experience and I''m sure that The Logo Works will enjoy huge success in the not too distant future."
Fast Track Factoring is a streamlined facility that delivers funding to businesses within a week, swiftly delivering cashflow when and where it is needed most - crucial at a time when credit from the high street banks is still limited. Available to businesses with a turnover up to 2m Fast Track Factoring aims to release funds within a week.. It is designed to make an instant and ongoing improvement to client finances by advancing an agreed percentage - up to 90 per cent - of the value of invoices as soon as they are raised.
Since the launch of Venture''s Fast Track Factoring process in June 2009, deal activity has almost doubled. With the UK economy growing 0.1% over Q4 2009, Venture''s own results follow suit: showing a 43% increase in new clients being supported, compared with the same timeframe in 2008. This contributes to an overall increase in new clients of 15% for the year.