Bristol Case Study

It's always been a challenge to get business finance.

Mrs Shaw – Merchant Cash Advance

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I run a post office in Bristol. I deal with the general public and it has always been a challenge to get any form of business finance. Profits in the business can be low at times but turnover is high. This is because I take a lot of small transactions in the business through my card machine. I was recommended to use Pinnacle Business Finance by a friend who runs a business. They had used Pinnacle before and said they were very good.

I sent them an email and a business finance broker responded. They arranged a time to talk with me. I said to them that I wanted business finance to buy more stock and take on another member of staff. I wanted to stop having to work in the shop all the time – instead have someone who could help me out.

The broker at Pinnacle asked how many card payments I take on average a month. I logged into my card machine portal and looked at the last 3 months card statements. The business finance broker at Pinnacle told me about merchant cash advance. I’d never heard of this type of finance before and was unaware of it. As I mainly deal with card payments from the general public, merchant cash advance was perfect for me. When I was very busy, I pay back more of the business loan and when I’m quite I pay back less.

The finance broker at Pinnacle took the average of the 3 months and worked out indicatively the maximum loan amount I could borrow. The broker explained that the loan amount, term and interest rate will vary on the lender. I asked how a loan will work when I take it against the card machine. He talked it through with me and I felt confident after that it would benefit me and my business. The finance broker came back the following day with two offers which they had obtained for me. I talked them through and decided on the best funding offer. I paid off the loan in less than 7 months and it gave me the business finance backing I needed.