We were asked to assist a small contract cleaning business source a cash flow funding solution. They had facilities from a high street bank. However, the bank changed their lending criteria and asked the customer to finance the business elsewhere.
We spoke to our client about their requirements and long term plans. The biggest issue was that customers were paying them monthly at best but they needed to pay their cleaners wages weekly. This caused a cash flow problem.
We were able to introduce an independent invoice finance provider who structured a factoring facility that met our clients current needs and provided additional funding to facilitate growth.