A welcome component for Scottish transformer specialists
£60,000 funding facility
At a glance:
- Specialist Engineering
- Funding required to secure skilled workers
- Fast turnaround of cash needed
- Funding received within 48 hours
This cutting edge company specialises in Transformer Life Extension, ensuring that the problems associated with corrosive action and materials to technology components are eliminated - an essential maintenance service for large energy companies.
For many companies like this one, highly specialist labour make up a large part of the the costs they charge to their clients. With many large energy companies insisting on payment terms of 30 to 60 days, cash flow issues can mean that the skilled staff providing servicing don't get paid. In this case, a large piece of remedial work had been completed and invoiced for. However, the standard payment terms were 45 days which created a need for short term working capital to assist with wages and also to start the next piece of work.
This technology firm approached their bank who advised that it would take up to a month to agree a facility for them which would have resulted in a delay in starting the next project. In need of faster assistance, Catalyst Finance was introduced to this company and a facility was quickly approved and a meeting arranged to complete the formalities. Within one day of us receiving their invoice, our client was able to access new funds to keep their business working. They also had the option to close the facility as soon as their large energy client paid the invoice owed. This enabled our client to undertake fresh projects and ensure their workforce were paid.
'I'd like to thank you and the team at Catalyst for the professional and prompt service you were able to provide. I'm delighted at the way you got this together so quickly and you could certainly teach the banks a thing of two. You will most certainly be my 'first port of call' for any short term financing requirements that come up' - Managing Director