After the Bank Said No
A London retailer found an alternative lender within 48 hours of being turned down
I'd been turned down by my bank and wasn't sure where else to go. CapExpand got me approved with a different lender within 48 hours.
James has run a menswear shop in Shoreditch for four years. The business is profitable, the reviews are strong, and the regulars keep coming back. But when he needed £15,000 to expand into accessories and online fulfilment, his bank wasn't interested.
"They said my business was too young and my turnover wasn't high enough for their lending criteria. It felt like a dead end. I'd been banking with them since I started and they still wouldn't help."
He found CapExpand through a Google search that night. "I wasn't expecting much, honestly. I thought if the bank said no, that was it."
He filled in the form before bed. The next morning, his phone rang.
"The guy - Alex - was different from what I expected. He didn't just say yes or no. He actually asked about the business, what the money was for, and how my card sales were trending. Then he said, 'I think we can find you something.' And he did."
CapExpand introduced James to a revenue-based finance provider. The application was submitted that morning. By the following afternoon, he had the money.
"Forty-eight hours from being told no by my bank to having £15K in my account. I couldn't believe it. The repayments come from a percentage of my sales, so it's manageable even in quieter months."
The outcome
James used the funding to launch an online store and stock a new accessories range. Six months later, his monthly revenue had increased by 35%. The funding was fully repaid within eight months through card sales.
Could this work for your business?
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