Financial services
Short-term capital for important investments
Securing liquidity is a top priority for many companies, and not just during the current coronavirus crisis.
In addition to development banks and traditional credit institutions, entrepreneurs can also obtain the capital they need at short notice from alternative financial service providers - whether to maintain business operations or for important investments in the future. Carl Leipold GmbH is breaking new ground away from the house bank with financing via a fintech.
The Leipold Group celebrated its centenary in 2019. The group of companies, which also has a subsidiary in the USA, has 375 employees. Almost 230 specialists work at the headquarters in Wolfach in the Black Forest under the leadership of Pascal Schiefer. "We have a good and personal corporate culture, we treat each other as equals and take responsibility for each other. This has helped us to get through economic crises together," says the Managing Director. Schiefer joined the headquarters in Wolfach at the end of the 2000s - initially as Technical Managing Director, until he took over from his father as Chairman of the Management Board in 2012.
Supplier with specialized know-how
The Leipold Group produces one billion turned parts a year, supplying customers from a wide range of industries, from international aviation companies and manufacturers of household appliances to suppliers of network infrastructure and companies in the construction industry. "Our focus is always on customers and markets. We simply have to be constantly ready to stretch ourselves and develop further," says Schiefer. In the early 1990s, the company was one of the first to use computer technology for machine control. In the mid-1990s, Leipold introduced an ERP system. It is used for comprehensive data collection within the company and helps to improve transparency and cost efficiency.
Digitalization seen as an opportunity
The 45-year-old managing director sees the major challenges for his industry primarily in the increased expectations of suppliers. "The pressure is not getting any less. I often observe a real supermarket mentality: everything should be available immediately, offer Made in Germany quality and cost as little as possible. But German companies have always been good at B2B. We need to remember our virtues here, but we should always keep moving and offer real flexibility instead of just talking about it."
The Managing Director sees digitalization as an opportunity: "A high degree of digitalization gives us the opportunity to automate diligence work and thus remain internationally competitive. This allows us to make our offering more and more individual to the outside world and at the same time standardize processes internally."
Medium-sized company meets fintech
Wolfach also wants to move with the times when it comes to financing and is looking for flexible options such as seasonal interim financing. This is because there are always seasonal fluctuations in the industry due to customers' rest periods and company vacations. However, earlier negotiations with the bank did not result in a solution. Leipold finally came across Creditshelf at the Mittelstandsforum BW in summer 2018. This got the process moving: an inquiry to the Frankfurt-based fintech, the
feedback a day later, submission of the required lists by Leipold and finally a visit from the Creditshelf customer advisor to the company in the Black Forest.
The personal conversation on site ensured a well-founded exchange and quickly got the financing process underway. "Communication with Creditshelf was modern, relaxed and yet always binding. Thanks to the high level of digitalization, we also didn't have to fill out a single form, everything went quickly and our contact was able to focus on what was important: understanding what makes our company tick and how the business model works," emphasizes Schiefer.
Creditshelf has now provided Leipold with two seven-figure financing deals. Following the first seasonal loan at the end of 2018, which has already been repaid, growth financing with a medium-term term followed in summer 2019. The process never took longer than four weeks, from the initial inquiry and risk assessment to the final disbursement. According to Dr. Daniel Bartsch, COO of Creditshelf, this was also due to the solid support provided by the company: "Leipold always provided us with good reporting. Thanks to the transparent quarterly reports, we were able to understand the company's development well and had a vivid picture of the current situation. This enabled us to quickly build trust and arrange the appropriate loans."
Within just a few months, a stable partnership has developed between the SME and the fintech. Both parties are certain that they will continue to work together in the future.
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