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Venture Finance provides progressive funding for Progressive Die Components Ltd
Premier Invoice and Asset Based Lender, Venture Finance has provided a £150k funding facility for new business Progressive Die Components to help the company get off the ground. Having been rejected for credit from various high street banks, Progressive Die Components turned to Venture who, after careful consideration of the business's plans and requirements, implemented a Domestic and Export Factoring facility that included Bad Debt Protection.
Sussex-based Progressive Die Components Ltd is a manufacturer of Punches and Dies for the Press Tooling Industry, supplying the automotive, white goods and sheet metal industries.
Needing a reliable flow of income to support orders from both the UK and overseas and cover stock costs, Gerry D'Ambrosio of Progressive Die found himself frustrated by the banks' refusal to provide finance due to the current lending conditions. He was introduced to Venture through Glen Jones of F&B Associates, an independent firm of asset finance brokers. The Invoice and Asset Based Lender took time to understand the business and put together a Factoring facility that has given Progressive Die Components the all important working capital required to finance stock purchases from suppliers.
Venture's Export Factoring enables businesses to receive a cash advance against the company's export invoices as soon as they are raised, easing cashflow worries and allowing growth objectives to be pursued in confidence. It also takes away the stress of having to chase customers for payment in different languages and under different business laws, dealing with different payment cultures and stalling techniques.
Mr. D'Ambrosio comments: "Venture Finance simply believed in our business and the plans we have for the future. We want to grow as quickly as possible and the Factoring facility is going to allow us to do just that. The Export Factoring was also crucial in enabling the necessary increase in stock orders. With its experience in this field, Venture took time to get under the skin of our business and the resulting funding feels tailor made for us."
Glenn Jones of F&B Associates comments: "It is great to witness the first and positive steps of a young company and know that you played a role in its success. I am very familiar with Venture and have always found the company a pleasure to work alongside. I look forward to seeing the next chapter of what I'm sure will be a long story with Progressive Die Components."
Tony Tydeman, Business Development Manager, Venture Finance comments: "Once again, we witness another start-up struggling to secure funding from the banks. It is becoming an all too familiar picture. What we could see in Progressive Die Components was a promising business, with an experienced individual at the helm. Having Bad Debt Protection alongside the Factoring facility will give the team added peace of mind and will mean they are fully protected from unpaid invoices."
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