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Ways to get funding when you are not eligible according to the bank

18 months ago, MGV Productions Ltd., was a small South West video production company with big aspirations to grow, but we really needed to upgrade our video equipment, cameras, lights and editing suite.

We went to the bank with a detailed business plan. They would not offer an overdraft, loan or even a credit card facility!  The computer said NO.

We had the option of 12 months interest free credit on some of the equipment (as we had done before), but we had no guarantee that the bank would then provide support moving forward!  So, we were stuck in that glass ceiling position of having great prospects, but to rent equipment and use expensive editing suites was pricing us out of the market.

A “chance introduction” to a financial services company changed all that.  The same business plan, a phone interview, asking questions about where we were at and what our aspirations were, and a separate conversation with our accountants, resulted in a facility of £25,000 within 3 working days. This allowed us to acquire the new capital equipment we were seeking. 

A further £25,000 was also made available. This allowed the directors to take out their initial start up loans and put MGV Productions on a completely independent footing, with sufficient working capital for the future.

As a result, we had the equipment to win the global contracts we were targeting and the quality of the work we now produce has resulted in further large contracts. Turnover has more than doubled as too has profitability. We have retained more great people for filming, Post-Production and director/producers.

Our pricing structure has not changed. If anything, we are even more competitive!
If you have a dream, a good business plan and determination, you too can make that “Chance Introduction” happen.