PEOPLE AND SKILLS
flexible finance from banks .”
These challenges would soon form the basis for the launch of Growth Street . “ I talked to business owners and got very similar stories , time after time , about six-month conversations they ’ d have with banks around finance that would eventually end in a ‘ no ’ or a product that wasn ’ t useful . I saw that businesses were having real trouble getting the flexibility of products they needed that were simple enough to use in its day-to-day operations , so we set about building a product that , today , we call GrowthLine .”
GrowthLine is an interest only , revolving line of credit up to £ 1mn that operates like a large overdraft facility so a business can borrow and repay as often as they like , when they like , within their limit . “ The limits themselves are based on the size of their working capital assets , for example , things like unpaid invoices and stock ,” Carter adds , “ This means the limits will grow with the business and it gives the owners confidence that they ’ ve got access to a really useful amount of cash when they need it . When they don ’ t need it , they can simply pay it
“ I REALLY BELIEVE THE CONSENSUS IS A LOT MORE PESSIMISTIC THAN THE REALITY , PARTICULARLY WHEN YOU LOOK AT THE MANUFACTURING INDUSTRY . MANUFACTURING IS NOT ONLY SURVIVING – IT ’ S THRIVING ”
– GREG CARTER , CEO , GROWTH STREET
28 February 2018