Newable Broker Update November

Welcome to Newable’s November update. It has been great to see so many of our introducers already qualifying under our current incentive scheme which concludes at the end of 2019.

CIty of London from South Bank

Don’t forget that a payment of £500 per loan drawn in the final quarter of the year is payable to any of our registered introducers who introduce more than £150,000 of loans to us during the 3 month period. This is on top of our standard 3% commission paid on each Newable Business Finance loan successfully introduced.

We hope as many of you as possible qualify under the current incentive!

If you have any questions about the incentive or would like to sign up as an introducer of lending business to Newable, please contact our Broker Manager, Chris Oram.

Newable becomes one of the largest EFG  backed lenders in the UK

Newable is delighted to continue to use the Government’s Enterprise Finance Guarantee (EFG) Scheme in order to provide more UK SMEs with access to affordable finance.

The scheme is a means of allowing Newable to say “yes” to loan applications where only the lack of available security would otherwise have prevented us from doing so.

Figures from the British Business Bank show that only some of the biggest high street banks lent more than Newable under the scheme in 2018/19 and we will continue to use it where appropriate to assist more great UK businesses.

If you would like more information about EFG and how it could help your clients then please do contact us.

Helping us to help you

We are always looking to approve Newable Business Finance applications as quickly as possible.

Recently, we have seen more cases than usual submitted to us where some of the information regarding individuals associated with the application are input incorrectly. Typically, this will be a date of birth or information associated with someone’s address history.

We would respectfully ask that you check all information provided to us before submission as the provision of incorrect data may result in out asking for additional documentation before a loan can be progressed. We rely on the information submitted to enable us to identify the parties to the loan and as such we do need to be provided with accurate data.

Please note that from the 1st December, clients will have 14 days in order to accept our loan offers a change from the current 30 days.

Many thanks for your help. As ever if you have any questions regarding this or the application process in general, please do not hesitate to get in touch.

Deal of the month

Each month, we take a look back at a recent successful loan application. We would love to have the opportunity to assist other quality businesses who may be looking for affordable business finance, so please do get in touch should this be the case.

We were recently in receipt of an application from one of our introducers which was on behalf of a company which supplies nutritional products and supplements designed for athletes and those with an active lifestyle. The business has been growing steadily since it was set up over 10 years ago.

The company have recently moved into a new warehouse premises and we were asked to assist with their requirement to create a mezzanine which will enable them to maximise their use of the new space they have. A loan of £80,000 over 5 years was requested for this purpose.

The business is on track to achieve revenues of around £3.5m in the current financial year with an existing invoice finance facility proving essential to day to day cashflow.

The accounts provided to December 2018 showed a gross profit figure of just over £1m with EDITDA of £479k. There were significant tangible assets on the balance sheet, mainly consisting of plant and machinery. Furthermore, management figures to September 2019, showed further improvement with the bank statements which were provided in support of the loan request showing good conduct with existing debt commitments all being respected.

One of the 2 director of the company is a homeowner with no outstanding mortgage and this, allied to the financial performance meant that we were very happy to sanction this loan subject to just the director’s guarantees.

New addition to the Newable Team

Newable are looking to lend to many more UK SMEs over the next few years and to help us achieve this growth, we are delighted that Steph Brown has joined us as a new Business Development Area covering the north of the UK.

Steph joins Newable from Ultimate Finance and her existing relationships with the broker network and significant experience within the sector mean she will be a great new addition to the team.

If you would like to work with us to help your clients to access affordable business finance then please do get in touch.