Following a five year business plan review it became very clear that if the business were to grow as intended, STI would need access to additional funding.
These extra funds would be used to finance the likes of new machinery and stock.
So earlier this year, STI contacted four major banks and presented their business case detailing the future finance needs.
All four banks were very keen to work with STI and all offered various products and terms to achieve our goals.
HSBC were finally selected based on several factors:
- International reach – particularly in the Philippines
- They provided the most cost effective solution
- Their commitment to fully understand our business needs and meet with many of our managers at all of our sites
Not only did HSBC meet our business funding requirements, they exceeded it, putting in place a facility that gives STI the headroom to keep growing.
The finance package secured through HSBC generates a 300% increase in lending headroom over the previous banking facility.
This additional funding has been secured against the backdrop of Basel III tighter financial lending criteria and general tightening of lending by the banks overall.