March 16, 2022
Reparo Supports Growth of Wealth Management Startup
We helped a startup in the wealth management sector to grow by funding two new staff hires.
The company director had been working for a large wealth management company and wanted to start his own business. In April 2021 he left his old job to work full time on his new company.
The company quickly became successful and the director realised that he would need two new staff members—a marketing manager and a paraplanner—to fuel its continued growth.
The total cost of recruitment and wages would come to around £120,000. The company could afford this, but it would have used up most of its reserves. Therefore, the director wanted to borrow the money.
He spoke to his bank but couldn’t get finance there, as the business had only been trading for about a year.
So he turned to Reparo for help instead.
Strong experience, excellent financials
We assessed the director and his company. Here’s what we found:
- The company is FCA accredited
- It already has a healthy customer base
- The business had strong growth and revenue projections
- The director was very successful in his field and had even written a book on wealth management
- The director had good security to put against the loan
We were happy to fund the business. We provided a £124k loan over two years. We secured the deal via two personal guarantees and a second charge over the director’s home.
Reparo funds growing companies
Many lenders need to see at least two years of healthy company accounts before they’ll finance a business.
Reparo takes a common-sense approach. We consider factors like:
- Whether a company can afford to repay the loan
- Whether they have security
- The company director’s level of experience
This means that we’re well-positioned to help new companies grow sustainably.
If you need finance to help your business grow and reach its potential, get in touch.
We offer two products:
- Unsecured loans from £25k to £75k: perfect in a cash flow emergency
- Secured commercial loans from £75k to £500k, with room to lend up to £1m
To discuss a loan in confidence, drop one of our new business team a line using the contact details below:
07917 907 931
07824 873 358