£150,000 Revolving Credit Facility for a Bar/Restaurant
Case Study Summary
- Type: Revolving Credit Facility
- Amount : £150,000
- Turnaround : 3 weeks
- Term : 12 months
- Flexible facility which can be drawn when required with interest only charged on what is used for the period of time used.
Background
This popular bar and restaurant have been enjoying a rise in popularity and they were at a point in their growth which meant they needed to recruit more staff, increase their stock capacity and purchase equipment to manage their successful banqueting arm.
As a hospitality business the owner required a flexible line of credit to allow them to take on new staff, as and when they needed it, and increase their stock purchasing levels as demand required it.
They needed a facility that would allow them to access funds as and when they needed it rather than taking a full loan and large repayments.
The Solution
After discussing the funding options available to them we were able to provide a Revolving Credit Facility. This type of funding facility allows the customer to draw down funds as and when they need it and repay the amount they have drawn not for the money that haven’t used. A facility of £150,000 was agreed and the business has already started to utilise the funds.
This has given the business the opportunity to access funds as and when they need it and manage their finances successfully.