- Original Poster
- #1
We recently received funding from the government through the RBS bank.
A few years ago we purchased our main warehouse and we expanded quicker than cashflow would really allow. We then ran out of space and started renting the unit next to us on a short term lease.
However as the lease came to an end the landlord made it clear that he was selling the unit and it would go on the market. The price he was asking was very reasonable but with all our cash invested in stock and the first warehouse we could not raise the deposit.
So the options were to either cut the business down in size and reduce staff numbers or find a way to raise the deposit. This was when the bank manager said that the fund was available. The fund was called the regional growth fund and it was a considerable amount. In fact I think it worked out at over 15% of the value of the property.
Well the purchase has gone through and the fund was raised. I wanted to let you all know that there is such a fund and that it works and is really available if you meet the criteria. You do have to jump through some hoops so don't just expect to be able to just get it at the click of your fingers. As the owner of the company I had to remortgage my own home to raise the rest of the deposit and you must be able to show that there are no other means of raising the cash yourself and it will create and secure jobs.
If anybody has any experience of the regional growth fund then please let me know. Over the next couple of years the fund can be taken off us if we don't continue to meet the guidelines, these are mainly over staffing levels.
A few years ago we purchased our main warehouse and we expanded quicker than cashflow would really allow. We then ran out of space and started renting the unit next to us on a short term lease.
However as the lease came to an end the landlord made it clear that he was selling the unit and it would go on the market. The price he was asking was very reasonable but with all our cash invested in stock and the first warehouse we could not raise the deposit.
So the options were to either cut the business down in size and reduce staff numbers or find a way to raise the deposit. This was when the bank manager said that the fund was available. The fund was called the regional growth fund and it was a considerable amount. In fact I think it worked out at over 15% of the value of the property.
Well the purchase has gone through and the fund was raised. I wanted to let you all know that there is such a fund and that it works and is really available if you meet the criteria. You do have to jump through some hoops so don't just expect to be able to just get it at the click of your fingers. As the owner of the company I had to remortgage my own home to raise the rest of the deposit and you must be able to show that there are no other means of raising the cash yourself and it will create and secure jobs.
If anybody has any experience of the regional growth fund then please let me know. Over the next couple of years the fund can be taken off us if we don't continue to meet the guidelines, these are mainly over staffing levels.
