To help finance this highly specialised printer, Martin and his team at First Business Finance worked with the customer to write up a proposal to fund an ex demonstration Kornit HD6 Avalanche Printer with an advance of £317,000 on a Finance Lease agreement, with monthly repayments over a five year period.
Aldermore first reviewed the proposal under its standard credit policy, however due to the impact COVID-19 had on the business, re-reviewed the previous decision under the CBILS terms and were able to offer a conditional acceptance within 48 hours of initial receipt. Daniel shared the final quote and acceptance with Martin, explaining one of the key benefits for the customer would be the savings they make with the Business Interruption Payment (BIP).
With the customer’s permission, Daniel 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 Martin 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.
Martin Ball, Sales Director, First Business Finance
“First Business Finance have worked closely with the supplier of these printers for many years, they introduced us to the customer who was looking to increase their production in response to a surge in sales.
Working with one of our first choice partners, Aldermore, we looked at various products that could meet the customer’s needs, however, it was the Asset Finance CBILS facility that was most suitable for the customer as it allowed them to acquire the new garment printer, with the peace of mind that the Business Interruption Payment would make repayments interest free for the first year.
Daniel’s support in getting the deal over the line was invaluable, coaching us through the ins and outs of this new product and pulling all the necessary paperwork together. This meant that we were able transact the deal seamlessly.”
Daniel Miller, Relationship Manager, Aldermore Asset Finance
“During a time where SMEs are under a lot of financial pressures, it is encouraging to see stories such as this one. Despite the customer’s business being affected by COVID-19, they were able to combine their market knowledge with forward planning and acquire additional assets to increase production. That enables them to trade through the current climate with a positive outlook when their sales cycle returns to normal.”