New Business Factoring
Background
Our client was a new start business looking for a facility that would fund their expansion. While they had a business plan and projections they were not 100% certain what their turnover levels would be.
Challenge
Most invoice factoring companies are happy to offer invoice factoring facilities to new start businesses if they meet the basic criteria. However, minimum annual service fees and a minimum 12 month contract can make these facilities unattractive to small new start businesses. As such we needed to find a flexible solution that was unrestrictive and allowed our client to focus on growing their business.
Solution
Smart factoring quotes introduced a lender that specialised in funding small new start businesses. A non recourse factoring facility was set that provided finance for growth, a credit management service to collect in debts efficiently and a credit protection policy to ensure they suffered no bad debts. With this invoice factoring facility in place our client was able to focus their attention on growing the business and they are now trading successfully.
