We’re welcoming a brand-new client to our ever-growing family! Founded in 2022 near Birmingham, our new client is in the Fibre Testing & Installation industry. They’d successfully grown their business to a £400,000 turnover but now faced a new challenge. They were struggling with a common problem new businesses face: paying staff weekly as customers were taking 30 days to pay. This gap caused friction in their financial process, meaning they needed a quick solution to help resolve the issue.
The Problem
After initially exploring a spot factoring solution with another provider, our client encountered obstacles. The requirement for credit insurance, coupled with a service fee escalating from 8% to 15%, proved to be financially unsustainable. This cost increase became a roadblock, leading the client to reassess their financing options. With staff payroll coming up, our client desperately needed a solution, and fast.
The Solution
Within 48 hours, we set our client up with a £50,000 facility, meaning they now had the cash flow stability they needed to pay staff on time and grow their business sustainably. Our bespoke invoice finance solution provided a wealth of benefits, including:
- Credit Insurance Relief: Say goodbye to additional costs; we simplify the process.
- Competitive Rates: Find a prepay structure that aligns with your financial goals.
- Quick Access to Funds: Bid farewell to the 30-day payment cycle.
The Outcome
With around £20,000 outstanding in invoices and additional projects in the pipeline, our client is on track for substantial growth. The assurance of steady cash flow empowers them to pay staff weekly and take on new opportunities. We’re excited to see what the future holds for our client!
If your business is struggling to meet payroll due to late paying customers, contact Apollo Business Finance today. If you enquire now, we could get your facility up within a matter of days. Contact us today!
