United Trust Bank’s Technology Finance team were approached by one of our valued broker partners to fund an IT support contract over a 3 year period. The borrower was a fairly large group of companies that had a diverse portfolio of businesses working in various different markets. The smooth operation of their IT system was key to keeping all of their business interests performing. In addition, the service contract renewal had come at a time when the company was planning to invest in several other areas of growth and budgets were being stretched in several directions.
Due to United Trust Bank’s innovative approach to funding services and support contracts, we were able to agree the requirement after a few initial checks and thereby enable the business to pursue the other investment opportunities they were considering, safe in the knowledge that the group’s IT systems would be running at optimum level.
The broker who introduced the deal, Guy Symmons at GSM Finance, has operated in the IT finance marketplace for some time and United Trust Bank has worked closely with Guy and GSM since the launch of the Technology Finance department in June 2015.
Guy commented: “Generally speaking the market has struggled to fund these types of requirements and it’s refreshing to see a new funder willing to step into this space with an innovative solution. Not only that, it’s great to work with a funder which understands how important this type of financing is to the end-user.”
Loan – £85,000