At Magna Money, we pride ourselves on supporting businesses of all sizes in achieving their financial goals. Recently, we had the pleasure of assisting a small software development company in securing a £10,000 loan through Funding Circle, giving them the working capital to take the next step in their growth journey.
Understanding the Client’s Needs
The company, a software development specialist, had been registered for a number of years but due to contract commitments and personal circumstances had serve peaks and troughs of trading periods. They had identified new business opportunities including a software project that required additional working capital to cover development costs, licensing fees, and marketing expenses. With strong potential for return on investment, they needed a fast and flexible funding solution.
Why Funding Circle?
After assessing their requirements and financial standing, we recommended Funding Circle as the ideal lending partner. Funding Circle provides fast, unsecured business loans with competitive rates, making it a great fit for small tech companies looking for quick access to capital.
Some key benefits of Funding Circle loans include:
- Unsecured lending, meaning no need to put up assets as collateral.
- Fast application and approval process – The client received an offer the same day they had sent in their documents.
- Competitive interest rates – 2.83% per month for 24 months.
- Fixed monthly repayments for easy financial planning with the option to repay early from future income.
The Application Process
With our expertise in commercial finance, we guided the client through the entire loan process. We prepared a strong application by ensuring we had all necessary financial documentation in place, including business accounts and management information from their accountancy software. Thanks to our due diligence in gathering all the information at the outset the client received an offer for the full amount instantly.
The Impact of the Loan
With the £10,000 loan secured, the software development company was able to:
- Use the working capital to give them some breathing room while they onboard their first full time staff member.
- Invest into a new joint venture software development project.
- Fund marketing and promotional efforts to boost their growth.
This small but crucial funding boost has helped them unlock new opportunities and set the stage for future growth, giving them room to grow and money to invest while they await payment on works completed.
How Magna Money Can Help Your Business
At Magna Money, we understand that access to the right finance at the right time can make all the difference. Whether you need a Funding Circle loan or other commercial finance solutions, we’re here to guide you through the process and secure the best funding for your business needs.
If your business requires funding to grow, get in touch with us today and let us help you take the next step.
