A family-run haulage firm based in the North East of England has secured a £250,000 Invoice Finance facility, thanks to a collaboration between Time Finance and Evolve Business Finance.
The funding will allow the company to expand its vehicle fleet by 40% to service new contracts with existing clients.
The move comes after the firm’s previous financial backer declined to offer the additional support needed for the new contract.
Time Finance and Evolve Business Finance have stepped in to provide the haulage company with an immediate cash injection, giving it the financial flexibility to manage regular expenses like fuel and wages, as well as to invest in new vehicles.
“When it comes to investing for their future, businesses need to feel confident that they have a committed and flexible funder by their side,” said Tariq Bourdouane, business development manager at Time Finance.
“Working with Stefan, we were able to turn the deal around quickly, replacing the incumbent funder and providing our client with the working capital needed to accelerate their growth plans forward.”
Stefan Radymski, director at Evolve Business Finance, added: “It was fantastic to work with Time Finance on this deal. After our client had been let down by its existing funder, we needed to work together quickly to package a new facility that would support the business’ immediate cash requirements and future growth plans.”
