Our client is a stable recruitment business in its first year of trading. They are very much still into business development and client acquisition to grow their business further. Suddenly they successfully landed two major contracts and this meant sourcing over 300 temporary staff to fulfil these contracts.
300 temporary staff are a lot of wages to pay and manage on a weekly basis. They had the wages systems but where would they find the cash? The contracts paid them monthly, so in a good month they had to fund 4 weeks wages, in a bad month 6-8 weeks wages. This would place a huge working capital strain on the business.
Maybe they had to turn the contracts down?
How do you fund over 300 wages every week?
The business had no tangible assets so the Bank said no more funds.
Geneva Capital were quickly able to assess the quality of the current debtors of the business and the new contracts pending. We told our client “if you can make the sales we can fund up to 80% of every invoice within 24 hours”. This meant that those weekly wage bills would be easily covered and the business had enough resource to keep developing and growing.
Geneva Capital also worked with the clients Bank to ensure that relationship remained stable.
At Geneva Capital we offer a working capital facility, it is tailored to your business and flexes with you. We do not restrict to a limit and ask you to reapply when you need more. Best of all our products are confidential so you can fund your business with ease and privacy. If you’d like to see how Geneva can help you grow profitably – call us now or contact us here