Success in obtaining a new business start up loan in the current climate.

During the current lockdown a client in the North East approached Genie Lending for help in purchasing a retail franchise. The business was for both online and shop based sales of specialist herbal products.

Whilst formal long term lending was unavailable for the client, due to this being a new start business, Genie Lending was able to secure a second charge bridging loan for the client to be able to move forward with his business venture.  This bridging facility has all interestpayments retained, so that, as the business starts, the client will not have the worry of having to make monthly payments. Once the business has established trading period, Genie will refinance the bridging loan, with a long term facility. The lender agreed to a desk top valuation to ensure the social distancing rules were adhered to.

Despite the current lock down, the case manager was also able to liaise with the lender and solicitors, in order to find a way through the traditional requirements for visiting solicitors, for both signing and witnessing documents, and receiving independent advice. With forward thinking, the lender accepted the novel idea of skype and, facetime being used for the advice process and, to and for signatures to be witnessed. Undertakings were given to forward original documentation post Covid 19 lockdown.

This shows how professionals can come together and sensibly overcome adversity at such difficult times. Lenders are still open for business and finding ways to keep supporting the business community.

If your business has found funding difficult to obtain you can trust Genie Lending to go to every extent to provide the correct finance quickly, for the result you want. As well as the household names in the industry we have access to proven lending sources who you will not find on the high street. Our aim is to help UK SME’s obtain funding for all their business requirements, whether that be growth, acquiring premises, paying HMRC liabilities or simply working capital. Genie Lending can assist with complete finance solutions.