Region: East Midlands
Programme: Future Fund
This IT business wanted to raise more funding but worried that securing finance from new investors during the pandemic would prove difficult. Instead, the company turned to the Future Fund for the working capital it needed to keep its business on track and even hire new staff.
Read what it had to say in this Future Fund case study.
British Business Bank: Can you tell us what your company does?
Leanne Bonner-Cooke MBE, founder and CEO of e-bate: e-bate is a software solution used to digitise the end-to-end rebate management process, improving revenue and margins.
The coronavirus has affected a huge number of businesses across the UK. What problems were you facing as a result of the outbreak and what made you apply to the Future Fund?
We were going out for a planning raise in June 2020, but with COVID-19 it was going to be difficult to find new money from fresh investors, as many were looking after their own portfolios.
The Future Fund has helped us secure the level of funding we wanted to maintain activity and stay on track with our business plan.
How long did the application process take? Did you need any support?
It was very straightforward. We applied and submitted online without any support.
The Future Fund provided us with some additional working capital, which gave us more confidence in a period of uncertainly, at a fantastic rate.
Leanne Bonner-Cooke MBE, founder and CEO of e-bate
What advice would you give to other businesses that are applying to the Future Fund?
I’d strongly advise businesses to look at the schemes that the Government is offering, as they could potentially save your business. However, I’d always advocate planning your financing in conjunction with what you’ve set out in your business plan.
How has the Future Fund helped your organisation to weather the outbreak? And what might have happened if you hadn’t received the money?
It wouldn’t have affected the business but the money afforded us some extra security around cashflow. The additional working capital we received via the Future Fund gave us more confidence to continue with our increase in staff and a drive in sales and marketing.