Funding Circle Helps Boost Goss Mini Skips Success
3 Nov 2017 | Category: Business Support, Money
Godfrey Dudman established Goss Mini Skips in Midhurst in 2011; to service the needs of local residents and businesses.
In 2015 he had to relocate the business. The land acquired did not have the relevant environmental permit and it subsequently took 2 years and £18,000 to obtain. This ate into cash reserves and had a knock on effect on business profits, as it was costly having to pay other sites to take the waste. Once the permit came through Godfrey realised that he would need to borrow some money to finish the site, buy more skips and invest in some promotion.
Whilst his bank were willing to help and offered a reasonable interest rate, he said they ‘made the process too complicated’. They wanted to secure the loan against his property which meant paying £1,500 in order for them do a valuation of his house. He told us, ‘that all seemed rather unfair and unnecessary, in view of our long established track record’.
‘I contacted Julie at Enterprise First, as she has helped before and always made things easy. I wanted to find a reputable business lender which could provide the finance without making me jump through hoops. There are many on the internet, but you don’t know how genuine they are. She introduced Funding Circle and arranged for them to contact me. After speaking with them, they made the process much simpler and were able to provide a decision quickly. The interest rate was reasonable and they didn’t want security over my house, so I didn’t have to pay extra. The money was in my account within a couple of weeks and is allowing us to move forward with our business. I have plans to expand in a few years’ time and would definitely consider using Funding Circle again.’