Securing Bank Funding

Case Study

Securing Bank Funding

A growing marketing company, in need of bank funding to help expand the workforce and acquire larger offices.

About the client

Immortal Media is a digital marketing agency based in Kent and founded by Mat Wilson in 2017. The organisation has a mix of experienced marketing, sales and admin staff.

Key Challenges

Then known as Einstein Marketer Limited, Mat and his team were looking to take on larger clients and projects in excess of £50k and with a 60-90 days payment period. This required the client to pay the subcontractor and other associated costs upfront. This posed a cash flow issue.

The client faced three questions:

Which is the most suitable form of financing: an overdraft facility or a bank loan?
How to go about applying for it?
How to plug the cash shortfall?

Solution Implemented

Drawing from the expertise of the accountants at Pennyhills®️, we knew that lenders like banks and other financial institutes need:

Statutory accounts
Management accounts

This allows the bank to evaluate how much a company can afford to borrow and the risk associated with the loan and the overdraft.

As a solution, we prepared periodic management accounts for Einstein Marketer Limited with variance analysis against budget, cash flow forecast, and written commentary to accompany the accounts on a monthly basis.

Final Outcome

We were successfully able to help Einstein Marketer Limited apply and receive a £50k unsecured loan at a favourable rate. This allowed them to take on bigger projects and grow their business, eventually leading to a successful re-brand.