Harvester Funded On Growth Guarantee Scheme
£350,000 Beet Harvester Funded for Agricultural Business
Sector: Agriculture
Solution: Growth Guarantee Scheme
The Client
Large Lincolnshire based agricultural business specialising in sugarbeat harvesting, cultivation and drilling services. Their brief was to secure funding for a replacement beet harvesting machine over a 4 year term. The client was recommended through one of our equipment supplier partnerships.
The Challenge
Working under strict timescale instructions from the client to identify the right lender that would support this application with a large hire purchase facility, backed with a three month VAT deferral. The transaction also had to complete in line with the client’s VAT quarter.
The Solution
The client requested a £65,000 deposit on the purchase price of £350,000. With the balance funded on a 48 month Hire Purchase agreement, we secured terms using the new Growth Guarantee Scheme. We were also able to secure a three month VAT deferral, keeping the client’s cashflow disruption to a minimum.
Summary
Working closely with the client, supplier and lender, we were able to facilitate the exact terms the client requested. As part of the process, we carried out a broker visit and asset inspection on behalf of our lender leading to the supplier receiving payment in the timescale requested. A great job done by all!
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