To help finance the excavators, Tom and his team at PMD Business Finance worked with the customer to write up a proposal to fund two new excavators with an advance of £226,900 on a Hire Purchase agreement, with monthly repayments over a four year period.
Aldermore reviewed the proposal under the CBILS terms and were able to offer a conditional acceptance within a day of initial receipt.
With the customer’s permission, Mike was able to complete the standard agreement information as well as generate the additional CBILS paperwork through the British Business Bank’s CBILS portal and work with Tom to obtain all necessary signatures. On receiving the completed paperwork, Aldermore were able to release the funds to the customer’s chosen supplier within a couple of weeks of the initial proposal.
Mike Spooner – Business Development Manager, Aldermore
“It is encouraging to see businesses get back on their feet after the shock caused by Covid and re-starting the work they’ve commenced prior to lockdown. The new assets will make their work even more efficient, which makes us proud that we were able help them with this.”
Tom Brown – Director, PMD Business Finance
“At PMD, we have been on the front foot throughout Covid-19 and made a business decision to retain our all our staff to help support our customers through this difficult period. We have arranged multiple payment holidays with our funding partners and have fully got to grips with the various CBIL schemes that are available to SMEs. As a keen supporter of CBILS, we have been helping customers affected by Coronavirus to finance equipment that will support their business during, and as we move out of, this uncertain period.
“I have been working with the customer for eight years now, which means I have developed a good understanding of their business and financing needs. Having reviewed the flexible terms offered by Aldermore under the CBIL scheme, I knew they were the right funding partner for this transaction.”