Mestral Marine Works
No bank would provide financing, and the launch of the project is just 6 months away.
Mestral Marine Works is a Spanish yacht building company.
The challenge was to get funding to develop and launch a new model as soon as possible.
However, very few bank employees are capable of analysis and understanding of the yacht building sector. They failed to assess the risks of providing a loan to a company like Mestral Marine Works.
Unable to analyse the reliability of the company, the banks would reject the request for a loan. Mestral Marine Works contacted us.
We have prepared a thorough analysis of the shipbuilding industry and collected all the necessary documents.
Still we got 0 €.
Banks are conservative institutions and not even good performance indicators of the company would convince them:
- No credit outstanding.
- Regular orders throughout the year.
- Own production base.
- Clear, narrowly focused business in a city by the sea - the design and assembly of yachts.
So, we changed our tactics and we decided to seek support from the government.
The pitfalls we encountered here:
Getting the funds this way required more detailed reports, i.e. twice as long to prepare the materials. Meanwhile, the new model was to be rolled out at the exhibition in just 6 months.
We found a government program for business development in Catalonia. A month and a half later, we got enough funding to launch a new model.
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