Industry: Engineering
Facility Limit: $100K.
Background: This long standing engineering services business recently experienced a large bad debt which adversely impacted their cashflow at a time when they needed to pay wages and other key creditors. The business faced liquidation but due to our extensive experience in assisting businesses in difficulty, the Director was referred to FactorONE by a high-profile Turnaround Specialist. FactorONE was able to approve a facility to refinance some short term debt. Furthermore, the factoring facility helped improve liquidity and fund the ongoing working capital needs. An upfront cash injection assisted with clearing priority debts, whilst working capital secured against invoices helped maintain cashflow for business as usual.
FactorONE is keen to assist this business for the long term, to support the turnaround and ensure that the business has the working capital it needs to recover and grow.
