Commercial Finance spotted the strengths of the business and supported us from the start.
(PRWEB UK) 12 July 2012
One of the big challenges facing businesses in the current market is obtaining the financial support they need to stimulate growth. Lloyds TSB Commercial Finance provides a wide range of options and experience in this field and is helping many companies realise their full potential as a result.
EA Scaffolding is just one example of how our business factoring and financial solutions have been able to turn around the fortunes of those struggling to cope with the effects of the economic downturn.
The recession marked the demise of TB Scaffolding as house-builders withdrew from the market. But EA Scaffolding rose from the ashes with the on-going support of our Commercial Finance team.
“Commercial Finance spotted the strengths of the business and supported us from the start,” says Managing Director, Arvinder Majara.
Awards for Excellence
Since the company started in 2009, turnover has increased year on year and is estimated to reach more than £3m this year. The business has also been awarded an Essex Business Award for excellence.
Cashflow was a key challenge. With 60 employees and a weekly payroll, funding the gap between that and the industry average of 60 day terms was critical.
“Cashflow finance threw us a lifeline,” admits Majara. Anna Jonathan, Commercial Finance Client Manager agrees: “Factoring is ideal for growing businesses because it’s flexible and adapts to their growth needs.”
Support for Growth
Lloyds TSB Commercial Finance has also been instrumental in the purchase of stock for the new business, providing in excess of £1m of funding for new stock. “The business is capital intensive,” says Arvinder. “To start on new sites requires equipment – without support from the Commercial Finance team we would have been unable to commit to growth.”
Lloyds TSB Commercial Finance supports a number of global business clients of all sizes with asset-based lending solutions, financial insight and experience, plus the backing of the Lloyds Banking Group.