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In the fast-moving landscape of technology, businesses like Helen's, specialising in cyber security, often find themselves at the forefront of innovation and opportunity. However, with growth comes the inevitable challenge of securing adequate working capital to capitalise on promising ventures.
Helen's journey reflects this familiar challenge, where the path to expansion was obstructed by financial constraints. Yet, with resilience and strategic thinking, she navigated these obstacles, leveraging bridging loan solutions from Millbrook Business Finance to propel her business to new heights.
This blog delves into Helen's success story, illustrating how bridging loans served as a catalyst for growth, enabling her to seize her largest contract to date and elevate her business's prominence within the cyber security industry.
Client Background: A Cyber Security Business Ready for Greater Things
Helen, an IT professional specialising in cyber security for businesses worldwide, has been steadily building her technology business from home. Recently, she secured her largest contract to date, signalling the opportunity for significant growth.
The Challenge: Working Capital to Expand Operations
Despite the promising contract, Helen faced a common challenge for many growing businesses: working capital. As a relatively new startup, accessing traditional loans proved challenging, leaving her with limited options.
With £50k needed to seize the opportunity presented by the large contract, time was of the essence. Rejections from mainstream lenders added to the pressure, raising concerns about missed opportunities and stunted growth.
The Solution: A Bridging Loan
To overcome the cash flow hurdle, Helen spoke to business finance specialist, Guy McDonald, who explored a bridging loan solution. Leveraging the value of her existing properties, she secured a £50k loan, using her properties as collateral.
This secured loan provided the necessary working capital to accept the lucrative contract and expand her operations. With repayment structured around incoming contracts, the solution offered flexibility and peace of mind.
Benefits of Bridging Loans
- Quick access to funding: Bridging loans offer rapid approval and disbursement, crucial for time-sensitive opportunities.
- Asset leverage: Leveraging existing properties as collateral provides a viable funding option for businesses with limited credit history.
- Flexible repayment terms: Repayment schedules tailored to contract timelines ensure manageable financial commitments.
The Results: Landing Her Biggest Client to Date
With the funding secured through the bridging loan, Helen was able to confidently accept her largest client contract. This milestone not only boosted revenue but also elevated the business's profile within the industry. As a result, Helen has attracted further inquiries for her services, laying the foundation for sustained growth and success.
Testimonial
Where do I begin? I stumbled upon Millbrook Business Finance while searching for a bridging loan broker online and it was the best thing that happened to me! The first person I spoke to was Iysha - she listened to me, understood what I was trying to achieve and in turn talked me through the options I possibly had.
She put the proposition for a bridging loan together after obtaining all the information she requested from me. I got a few rejections, but she didn’t give up, she worked hard, kept on pushing my case to various lenders, she was always positive - we finally got an offer from a lender. Notice I said “we” because it really felt we were all in it together.
Just want to say a BIG thank you to Iysha and her colleagues at Millbrook Business Finance. I couldn’t have gotten this far without you guys, thanks again!
Summary
Through strategic financial solutions like bridging loans, businesses like Helen's can overcome cash flow challenges and seize growth opportunities. By leveraging existing assets and partnering with knowledgeable finance professionals, businesses can navigate expansion with confidence and secure their path to success.
In addition to securing the desired funding, Helen's success story has elevated her business's profile within the industry. The increased visibility has led to a surge in inquiries for her services, further expanding her client base and revenue streams. Additionally, Helen has found a trusted business finance specialist, paving the way for future collaborations and financial support.
Get in touch to discuss your business financing needs with one of our experts. Alternatively, apply for business finance with Millbrook now for a tailored financing solution that can help you keep your cash flow healthy and navigate times of uncertainty.
