Friday Harbour Café
Friday Harbour Café is a business that was created by Veronika Bojdova and Ludek Spacek. Although the business was created in February 2016, they hadn’t began trading as they needed further funds. They were searching for the best funding options available to them, looking at a range of finance providers and products.
They reached out to MSIF, looking for help in accessing funding, but unsure which product would suit them best, and the query was directed to the Finance Hub.
They had produced a business plan and a 2 year cash flow forecast, which allowed George, a Specialist Finance Advisor at the Finance Hub, to take a look at the business and gain an understanding of their proposition, in order to advise them.
George invited the Friday Harbour Café team in to the office to work on developing the figures further. He was able to explain the need and importance of having not only a cash flow forecast, but also a profit and loss and balance sheet which are often a key requirement from finance providers.
They worked together, with George steering the way, going through every line of income and expenditure, challenging the figures and ensuring everything was correct and appropriate for the business.
George also undertook the process of sensitisation with the business, altering the projected profit levels, making them lower than the client’s initial expectations. This process of sensitisation ensures the business will still work if things do not go as well as initially expected. It is better to under promise and over achieve.
Friday Harbour Café finished their work with the Finance Hub with solid financials to support their already strong business plan, leaving them in a really good position to get the support that they needed. The integrated and complete overview of the business proposition was ready to present to finance providers.
Friday Harbour Café chose to go with MSIF and successfully secured a £45,000 loan.