UK challenger bank Secure Trust Bank has provided a £2m (2.71m) funding package, a specialist waste management contractor Caledonian Recycling.
The Livingston-based firm specialises in providing inert material recycling, breaking down materials such as stone, rubble and demolition waste and forming new material to be sold to clients.
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The funding package from Secure Trust Bank comprised of a £1m invoice finance facility in addition to a £1m asset finance loan.
"As the industry is renowned for its lengthy lead times between payments, sometimes taking 90 days, the invoice discounting will be used to support cash flow for the business. The asset-finance loan will allow the business to purchase additional equipment as it expands the business," wrote Secure Trust Bank.
Matthew White, regional sales director at Secure Trust Bank, said: "Recycling waste material into substances which are used everyday in the construction trade is a win-win scenario for the business, as it makes profit on both breaking down and selling its products.
"The firm’s green focus also makes it a very attractive proposition, and this coupled with its competitive pricing, has seen an increase in demand for its services. Our tailored package means that we have a greater degree of flexibility and can provide the business with a broader range of financial products combining both asset and commercial finance."
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