As we continue to develop our offering to the Technology marketplace, and provide our brokers with additional innovations to offer their customer base, we were approached by a broker representing a manufacturing firm which wanted to upgrade its Enterprise Resource and Planning (ERP) software.
The broker, a valued partner of UTB, has been involved with the company for some time, providing multiple lines of finance for many different projects. On this occasion the firm in question wanted to take out a loan for a longer period of time to accommodate the ERP software upgrade which included the software, service and support costs. The upfront cost was substantial and the install time was going to be at least 6 months.
Our loan enabled the firm to commit to the project and, as the structure of the facility was
reflected towards the install period, the business paid a lower value over the first 6 months of the agreement. The balance will then be paid over the remaining 30 months, minimising any cost through the install period and paying the higher amounts when the system is up and running and delivering the ROI that the business is expecting.
Loan Amount: £250,000