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Harberton Art Workshop

harberton 300Excel A Rate was approached by the owners of a well-established Arts and Craft shop in Totnes Devon. The area is very popular with tourists, in particular the artist community, due to its outstanding natural beauty.

The location and nature of the contents makes the business highly seasonal which has a detrimental effect on Cashflow. Banks are reluctant to lend into the retail market by way of overdraft so they are sometimes stuck between a rock and a hard place.

A simple solution was provided by Excel A Rate by way of a Business Cash Advance. An agreed repayment schedule was set up with low payments during the businesses quiet period increasing as business picked up again.

This solution was proving a huge success until the area suffered its worst winter storms for many years. Obviously visitor numbers were further reduced and the weather adversely affected the shop frontage meaning it needed some TLC to bring it back to its former glory.

Cash was therefore in even further short supply but again Excel A rate came to the rescue. An additional sum was made available, the repayment schedule restructured and extended to take the new advance into account and the refurbishments effected.

The customer was delighted on both counts, the original advance to assist Cashflow and the additional advance for the shop frontage, plus the flexibility of the repayments meant they weren’t struggling for cash.

Key issues

  • Cash advance to counter seasonal fluctuations in trade
  • Lower payments during low season months
  • Additional funds to cope with bad weather damage to shopfront
Excel-A-Rate Business Services Limited is authorised and regulated by the Financial Conduct Authority FRN 713832.
Excel A Rate Business Cash Limited is authorised and regulated by the Financial Conduct Authority FRN 671187.

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