Asset based lender Venture Finance has provided a £150,000
(€167,000) factoring facility to Progressive Die Components (PDC)
to help develop the manufacturer’s press tooling business.
PDC approached the ABN AMRO-owned financier after other
bank-owned lessors refused to provide finance due to the current
lending conditions.
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Tony Tydeman, business development manager at Venture Finance,
said: “Once again, we witness another start-up struggling to secure
funding from the banks. It is becoming an all too familiar
picture.”
Gerry D’Ambrosio, a director at PDC, was introduced to Venture
Finance through Glen Jones of F&B Associates, an independent
firm of asset finance brokers.
“Venture Finance simply believed in our business and the plans
we have for the future,” he said. “We want to grow as quickly as
possible and the factoring facility is going to allow us to do just
that.”
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