Bendal Ltd is a young, Kettering-based supplier of quality leather for the shoe & bag manufacturing trades. The Managing Director, Denis Allen, has been working closely with Daventry-based Business Finance Services Ltd (BFS) to fund the startup and growth of his new business. Having initially arranged trade finance to cover the costs of importing high grade stock to meet increasing demand, it became evident over the last month or so that a further capital injection would be needed to fund the rapid growth of the business.
Bendal Ltd is a young, Kettering-based supplier of quality leather for the shoe & bag manufacturing trades. The Managing Director, Denis Allen, has been working closely with Daventry-based Business Finance Services Ltd (BFS) to fund the startup and growth of his new business. Having initially arranged trade finance to cover the costs of importing high grade stock to meet increasing demand, it became evident over the last month or so that a further capital injection would be needed to fund the rapid growth of the business. Various options were considered and eventually it was agreed that the Crowd Funding route, and specifically ThinCats, offered the best chance of early success.
BFS being an official Sponsor for ThinCats meant that the application process was relatively quick and straightforward. The application was submitted for funding of £150,000. This was launched on the platform mid-August and, after the normal 24 Hour Question & Answer period went live and was fully funded within 48 Hours of the launch. The result; a very happy Denis Allen who now has the funding necessary to grow his business in the way he planned.
Peter Douglas, MD of Business Finance Services Ltd commented – “We are delighted, though not surprised, at the speed with which the Thin Cats Investors provided the funding for Bendal Ltd. It demonstrates that, where one has a client with dynamic management and a strong business plan, Crowd Funders such as ThinCats can offer a very viable alternative if the main stream Banks are not interested.”
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