Whether it be the impact of Brexit or the pandemic, there’s no doubt that the past two years have been challenging for business owners, but Bournemouth-based consultancy, Redwood Business Finance is this month celebrating two successful first years of trading – and, along the way, supporting businesses in and around the region with nearly £30m in finance solutions.

With over twenty years’ experience in the Invoice Finance industry, Managing Director, James Bingham launched Redwood Business Finance in March 2020, just before the world went into lockdown. He felt there was a gap in the market for true, independent advice for businesses looking for working capital solutions.

Some might argue this wasn’t the most opportune time to start a business, but for James it meant that he could provide a service that was needed more than ever before. During this period of trading, James has been supporting the region’s businesses financially and helped to secure and finalise 47 business finance solutions, raising over £29m for his clients.

Redwood Business Finance helps business owners and finance managers to navigate the complex maze of finance solutions that are available to them, often supporting in times of high demand and rapid growth when extra funds need to be raised quickly, but also helping businesses when they are feeling the pinch.

Invoice Finance and Asset Refinance are two such effective finance solutions that Redwood Business Finance can help secure to improve a business’ cash flow. Invoice Finance provides a cash advance against an invoice on the day it is raised, rather than waiting for a client to pay. Asset refinance raises cash against the value of existing assets on a business’ balance sheet.

Businesses in Dorset that Redwood Business Finance has supported this year include: a £1.28M Asset Refinance for a civil engineering business, a £500k Invoice Finance facility for a plumbing and heating supplies wholesaler, a £150k Invoice Finance facility for a manufacturer and a £1M Invoice Finance facility for a meat wholesaler.

James commented:

“When I set up my business two years ago, just before the world locked down, I couldn’t believe the unexpected turn of events. After all the planning that had gone into launching the business and the excitement and anticipation, everything initially fell a little flat. But then I realised the potential Redwood Business Finance had to really help other business owners, who were all facing a similar situation and might be struggling themselves. I was able to provide an empathetic approach to helping them. And, I am thankful to these businesses for entrusting us with their business finance needs – it is because of them that I have been able to turn a dream into a reality. But there is more to do yet…

“We have been living through uncertain times and we are again seeing unpredictability in the markets due to the Russian invasion of Ukraine. Any form of uncertainty is generally concerning for businesses, as investments get paused, business costs rise and operations are affected. Many businesses are still in a period of recovery following the pandemic and, adding to the strain, we are also seeing energy and commodity prices sky-rocketing. We have had a number of businesses turn to us to get invoice finance facilities in place as a precautionary measure, in case of need. In our experience, businesses with strong balance sheets and access to cash will be best placed to survive and thrive over the coming weeks and months.”

James’ motivation behind setting up Redwood Business Finance was primarily to be able to help more businesses.

He added:

“Working for a lender, you can only ‘sell’ their products and they aren’t fit for all. There are almost one hundred invoice finance providers in the UK and I can now use each one. What’s more, I know many of the lenders first-hand having worked for them previously. If there are cash flow concerns, then the earlier a client engages with a broker, the better the outcome will be. Time is an ally. We offer a free, no obligation consultation service so please do get in touch with us if you’re in need of support.”

To learn how Redwood Business Finance can help your business, visit www.redwoodbusinessfinance.co.uk or call James on 01202 030387.