Alternative SME credit specialist Caple has helped The Energy Check, a business energy-saving consultancy, to access a £2.1m six-year fully unsecured growth loan.
As a result of this, the business expects revenue to grow by 155% and to increase jobs by 22% over the next three years.
Newcastle-based The Energy Check helps SME business owners to reduce their energy costs and emissions. It will use the loan to meet increased demand and grow into new markets.
Companies like The Energy Check which provide business services can find access to secured funding a challenge because they have few physical assets. Banks generally need tangible assets as security for loans, so raising additional finance through banks to grow is not open to them.
Caple does not ask for security, floating charges or personal guarantees.
Dominic Buch, co-founder and managing partner of Caple, said: “Our focus is on helping small but ambitious businesses like The Energy Check with the funding they need to grow. It is businesses like these that will help rebuild the economy and create new jobs.
“Many small firms struggle to access genuinely unsecured lending which puts a brake on growth at a time when we need the UK’s SMEs more than ever. This deal demonstrates that small growing firms can look to alternative funding options to help them invest and expand.”
Dave Winton, CEO of The Energy Check, said: “This funding will support our continued growth in the UK energy sector and it will help even more SMEs to save energy and limit their impact on the environment.
“It is difficult for any business to establish confidence with funders for unsecured lending on this scale, let alone in these times. But Caple recognised the strength in our leadership team, our financials and our business strategy. As a result, we will create jobs, enhance our offer, and generate stronger business performance and have a more positive impact on the environment.”