Quizid at the time of application was a new start company born from the ashes of a previous company. Quizid had a £55k net worth and were in the process of looking to raise funding via venture capital. The company had a strong and experienced management team and a potentially strong product. Quizid were developing an online dual authentification product that required two big Sun servers to be commissioned before investment or sales revenue could be established.

Outline Prequirements Inc:

• Sun Servers and peripherals Inc support - £545,486
• Software Licences and Support - £125,000
• Cisco and other - £150,000

Total : £820,486 (Some additional non listed costs were paid for via cash and some supplier differed payments were agreed)

Traditional Finance was not available. No directors' guarantees or other security was requested or taken up.
The IT Contract Plan was designed and signed within 2 months as follows:

Sun Hardware funded by:
10 months x £0.00 per month followed by 14 months x £42,995 per month

Cisco and Software funded by 3 months x £0.00 per month followed by Quarterly payments totalling just the sale price of £275,000.

Total Rental Payments paid over two years including interest = £704,950.00

Note - Options were also put forward to allow conversion to a long term lease when credit improved and an option to allow Quizid to continue to use the asset at a much reduced rental.
Whilst we can't guarantee to provide a facility for you, please do contact us at your earliest planning stage as in most instances we need our authorized partners/manufacturer to quote and supply the goods and services direct.