SME declined for invoice finance by bank….alternative funder steps in.

This newly established company was formed in March 2015 when two lads  spotted an opportunity to import energy drinks  into Ireland.    Their products eventually got listed with a major supermarket chain in January, however this key customer  demanded 90 days credit.  They quickly realised they would need working capital to fund  the gap between paying their key supplier, and getting paid from their main customer,  who represented 80% of their turnover.  Their accountant suggested invoice finance as a possible solution and they approached their bank.  However  they didn’t meet the criteria because of the low projected turnover,  weak financials and debtor concentration.  Within a week of meeting the lads , we had them signed up with an independent Invoice Finance provider who offered them a €50K funding line, based on a projected turnover of €300K in 2016, and 80% prepayment.  The lads were delighted at how quick and easy it was to get the facility in place…

“After our bank turned us down for invoice finance, we didn’t think there were any other options for us …we’re delighted that we got the funding sorted”