British leasing business – PMD Business Finance – is to support Bear Care Services Ltd, a crisis and emergency placement provider for young people, with financing that should see the company reach an annual turnover £1m by the end of its first year of operations.
In a statement, PMD Business Finance said that it has helped Bear Care Services source four motorhomes with a three-year asset finance agreement, alongside a leasing agreement for a canal barge as part of its efforts to provide semi-independent accommodation for individuals 16 and over.
Bear Care Services, launched on 24 February 2020, in response to the growing need for long-term safe and secure placements for children, places more than 90 children each day into care in the UK.
Bear Care Services founder, Lou McCarter, sought capital support from PMD Business Finance to purchase assets for advancing the firm’s mission – providing children with comfortable accommodation.
McCarter said: “Without the support from PMD Business Finance, we wouldn’t be at this point in year one. We were so impressed with the speed of the turnaround and their support has been invaluable. Even sourcing finance for a barge – no challenge was too difficult.”
A former finance director, McCarter set out with a budget of £50,000 but secured finance rapidly from PMD, having worked with them a few years prior.
McCarter continued: “We had to adapt quickly due to the pandemic and the motorhomes and barge provided a calming respite to hold indoor-based activities and canal trips for the children.”
PMD business development director, Sam German, said: “We have enjoyed watching Bear Care Services Ltd succeed despite the current pandemic. Starting a business right before the first coronavirus lockdown would have shaken anyone working on a new venture.
Mark Worsley, a senior consultant at PMD, also helped McCarter and her team source a suitable accountant for the business.
PMD Business Finance is one of the largest independent providers of business finance. Established in 2010 by Peter Dobson and his key management team, the company has grown significantly and is now lending over £150m each year to UK businesses.
The company operates both directly with clients and through professional introductions and suppliers of business assets, providing: Asset Finance, Supplier Finance, Invoice Finance, Business Loans, Structured Finance and Merchant Cash Advance.