Product: IDeal™ with bad debt protection
Facility size: £400,000
Having experienced success over the previous year, this recruitment agency had growth ambitions. The firm wanted to expand into other markets, but needed additional working capital to hire experienced specialists who could lead work in new sectors.
The owner of the agency had previously worked with Close Brothers and approached us independently due to their positive experience. It was a business priority to find a funding provider who would work hard to understand business goals and add value through financial expertise, as well as monetary investment.
Close Brothers considered the recruitment agency’s needs and offered the company an invoice discounting facility which gave them access to 100% of the funding they needed by releasing money from unpaid invoices. In addition, we secured bad debt protection for the business, giving them additional security should their debtors encounter financial problems.
Through using their IDeal™ invoice discounting facility, the recruitment agency improved cash flow and could take advantage of opportunities to expand.