BEF Dig in
BEF help social enterprise
Salts Security Systems
“I almost called it a day” says security systems expert Paschal Duran. His growing business, Salts Security Systems, is now so busy that it has already created jobs for three installation engineers and is poised to become a major force in its sector.
A far cry from the situation Paschal, aged 47, of Edward Street, Saltaire, faced just a few months ago. He recalls: “I left my job with a Bradford security alarm company last February, determined to launch my own business. With many good contacts I soon won numerous orders, which were confirmed in writing.
“But the first three months were really tough. I didn’t have enough cash to pay for all the technical equipment customers wanted installing so I went to several banks looking for a business loan. Every one of them turned me away, saying my proposal was too risky.
The Business Enterprise Fund provided a substantial loan to Paschal to enable him to pay his staff and buy vital stock for the business. This money came from Bradford Council’s Kickstart programme under the Access2Finance scheme.
To top it all the Fund sourced a favorable invoice factoring deal for Salts Security to get the company’s cash flowing again. Says Paschal: “In one recent bumper month we raised invoices valued at more than £30,000 and we will smash our first year target of £150,000.
“Without Kickstart and the Business Enterprise Fund we would not have made it.”
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