Industry: Wholesale – Sunscreen.
Facility Limit: $250K.
Background:
This start-up wholesaler had a novel product and solid business plan. The business quickly won contracts with major retail chains that, whilst being lucrative opportunities, required extended payment terms. To ensure the ongoing availability of sufficient working capital, the organisation sought a solution that was linked to the performance of the business rather than non-related, property security. Factoring enabled the business to leverage outstanding invoices to access cash whilst waiting on customers to pay.
FactorONE was able to offer quick approval and settlement with the take-on process completed within 24 hours. The start-up directors were able to draw funds within a matter of days to pay key creditors and purchase more stock. Factoring was a perfect solution for this supplier of an in-demand product.
