Business Funding Case Study
The Challenge
Solas is a leading technical production company based in the UAE that specialises in delivering innovative event solutions to clients across the GCC region. Solas stands at the forefront of technical production in the UAE, revolutionising the event experience across the GCC with cutting-edge audio, video, and lighting solutions.
Originally carving its niche as an exhibition equipment supplier, Solas, under the visionary leadership of Edward, observed a common practice among fabrication companies and agencies—the reliance on dry hiring and the indispensable need for technical support. This involved leasing equipment such as televisions, trussing, and compact audio systems, supplemented by expert services and technical assistance.
With ambitions to broaden its horizon, Solas set its sights on establishing a presence in KSA, aspiring to replicate its Dubai success with an additional Solas office. This expansion is supported by the vision of equipping both locations with teams and technology, reflecting the high standards Solas persistently strives for.
The company explored traditional avenues such as bank loans, which were marked by complexities and rigid structures. A friend who is an investor referred Beehive to Solas.
What Beehive did
Beehive presented Solas with Business Funding, a flexible and unsecured financing solution tailored for SMEs. Offering repayment periods ranging from 6 to 36 months, the finance complies with Sharia principles and is devoid of penalties for early repayment. Beehive’s competitive rates are meticulously designed to facilitate requests for growth and expansion capital, aligning with Solas’ ambitions.
The result
Beehive’s Business Funding empowered Solas with the funding needed for its capital expenditure endeavours. Beehive’s history of successfully funding SMEs and the positive feedback from other businesses instilled a deep sense of confidence in Solas. The assurance of partnering with a proven and supportive financial ally has enabled Solas to advance towards achieving their strategic financial and operational objectives, setting a new standard in technical event production.
“Accessibility and Speed – Beehive offered a streamlined, online platform that made the application process remarkably accessible. Unlike the lengthy procedures often associated with traditional banks, Beehive’s digital interface allowed us to submit our proposal efficiently. The approval and disbursement process were relatively swift, providing us with the capital we needed in a timely fashion. Beehive’s user-friendly platform, community engagement, flexibility, and efficiency distinguished it from the more traditional and formal processes associated with bank loans. While each option has its merits, the innovative approach of Beehive provided a more dynamic and collaborative experience that aligned well with our business ethos.”
– Eoin Sheridan
Managing Director, Solas
