Accountants in Coventry have been helping start-up businesses gain vital funding at a time when money is in short supply.
Photocopier Consumables Limited (PCL) sought help from Askews accountants based in The Quadrant, Coventry city centre, after they were unable to get any money through traditional funding streams.
The accountants used their 69 years of combined experience in business and finance to find a business funder who was willing to invest in the new company.
Banks currently approach young companies with caution and many businesses struggle to find the funding that they need to succeed.
The European Central Bank have recently completed research which found that funding has become less available as banks are unwillingly to offer loans.
Managing director of Foleshill-based PCL, Ian Burns, first approached Askews in August 2011. Not only did they manage to find an appropriate investor, they also helped the company with their business strategy and financial forecasting.
Ian said: “The business idea was an amalgamation of the many years of experience of all three directors in the photocopier industry.
“The hard part was getting the funding we needed, especially with all the banks tightening their purse strings.
“Askews has been really efficient pointing us in the right direction as well as helping us to focus on our strategy and vision and incorporating this into our planning documents.”
The funding for the company was secured through Skipton Business Finance, parented by Skipton Building Society.
Corporate manager at Skipton Business Finance, Richard Cole, said: “We know that start-ups can struggle to get their businesses off the ground as they have no financial track record.
“Unlike the larger banks we don’t look at their facility, we look at how we can improve their cash flow.
“We look at start-ups for organic growth, and possess one of the largest portfolios of start-up businesses across the invoice finance industry.”
Neil Askew, managing director of Askews, said: “We understand the process involved for taking products to market and launching them.
“It is risky to develop a start-up business in this climate, which is why I would advise any entrepreneurs to make the most of any professional support available to them.
“A good business idea, presented properly, will normally be fundable somewhere – which is what we did with PCL.”