Offices in Cambridge and London; Services UK-wide
"It took three months to get a response from the bank. Everline accepted the loan immediately and we received the funds shortly afterwards. The sliding scale on the website makes it very clear how much you need to repay and for how long."
P A Safety Management Limited (http://www.pasafety.co.uk) is a leading provider of compliance solutions for the built environment, with offices in Cambridge and London, and services UK wide. Products include CDM Co-ordinator, Health and Safety, Environment and Fire Safety.
Founded in October 2001, Paulo’s vision was to build a business with integrity: “I knew there was a need to provide construction health and safety services that were sensible and proportionate, where clients could understand the value and see the benefits.”
Paulo’s initial investment was a computer, phone and internet access. He started from humble beginnings with no need for a start-up loan or other financing. Having made contacts in the industry through his previous employment, Paulo quickly secured work from a variety of clients and the business rapidly expanded. Hard work, referrals and a growing list of high profile clients, including property developers and managers, academic institutions, architects, media and hotels allowed Paulo to keep reinvesting and growing his business.
As inspiring as The Olympics was, it temporarily put a stop to a lot of construction work, particularly in London. Paulo knew summer 2012 would be quiet business-wise and that additional cash flow would be needed to pay suppliers and salaries until projects resumed.
He initially applied for a loan through his bank but had a negative experience: “The application process was lengthy and complicated. We needed to submit a business plan and forecasting figures, both of which required time and expense. I had to offer my home as security. It then took several months to get a response. The bank’s loan offer was a third of what we requested and to add even more time and expense, both my business partner and I were required to take the loan offer to our own solicitors to acknowledge that we understood the terms and conditions.”
Paulo rejected the offer and looked into alternatives, one of which was Everline. His loan meant business continuity wasn’t affected. Paulo was still able to pay salaries and suppliers, as well as saving for corporation tax due at the end of 2012. Asked what he would have done without the loan, Paulo says: “The HMRC wouldn’t have been very happy with late payment. To avoid HMRC’s high interest charges, we would have had to dip into the savings put aside for payment of the corporation tax, which would have only left us 2-3 months to make up the amount due after projects resumed.”
According to Paulo, the benefits of using Everline were that he didn’t need to submit a time- and money-consuming business plan, security cover is a personal bank account, so there’s no need to offer your home, and it’s quick: “It took three months to get a response from the bank. Everline accepted the loan immediately and we received the funds within two hours,” he says.
“The sliding scale on the website makes it very clear how much you need to repay and for how long. This is also confirmed when the loan is approved. Time and money aren’t wasted in the loan application process and we are free to get on with our business.”
Everline provide financing that benefits from the support of the European Union under the Loan Guarantee Facility established under Regulation (EU) No 1287/2013 of the European Parliament and the Council establishing a Programme for the Competitiveness of Enterprises and small and medium enterprises (COSME) (2014-2020). The Loan Guarantee Facility is managed and implemented by the European Investment Fund (EIF). Find out more.