Product: Invoice discounting - IDeal™
Facility size: €500,000
This new recruitment company based in Dublin provides staff for the construction and hospitality industries. After initially funding the start-up themselves, the management team were looking for additional funding that would allow them to increase working capital and cover operational costs.
Having partnered with Close Brothers on a previous project, the business contacted us to enquire about the commercial solutions we could offer. We worked closely with the SME, taking time to understand their aims and pressure points. Due to a focus on temporary recruitment, which means contractors are paid upfront before costs are claimed back from business clients, we recommended an invoice finance facility.
We were able to advance up to €250k from unpaid customer invoices to the business initially, rising to €500k after a preliminary trading period. The capital released would help to improve cash flow immediately, with additional funds available as the business grew.
The business opted to use our invoice discounting platform IDeal™. This provides a live view of the account and 24/7 access. It also integrates with the business’ account software, Xero, and allows them to automatically reconcile invoice payments which saves the business time.