Thinking outside the box for a London based creative digital marketing agency
£10,000 funding facility
At a glance:
- Start up business
- Experiencing early success with new contracts
- Late payment placed business in difficulties
- Funding swiftly placed to keep working capital flowing
This London based digital marketing agency offers a range of services including brand strategy, campaign, planning, creative services and app development. With a personal and resourceful service they deliver big agency service but at small agency fees.
Once established within the industry, this agency quickly began to secure high value contracts. As with a number of start-up businesses, cash is often an issue, and the increased output resulted in a short-term cash flow issue. One month, a key contract's payment was due to be received later than expected, after the month end. This would place a strain on the company's monthly payroll.
With the bank reluctant to help a start-up business, the Managing Director approached Catalyst to help find a solution. Our experienced local account director promptly met the client face-to-face and quickly realised we were dealing with a superbly run early-stage business that was winning impressive contracts. We also saw a business that was planning for the long term, having recruited a strong team and adopted robust controls and processes. It was clear to us that this client simply needed an advance on the funds that were tied up in legitimate invoices. Our Selective Invoice Finance product suited them perfectly and, as there was no long-term contract, our client could pay for this service as and when it was needed. We were able to act extremely fast, completing the appropriate documentation, and advancing 80% of the funds needed in time for the monthly payroll. We were delighted to hear that our open-minded and flexible service enabled our client to pay all their staff on time.
'Amazingly helpful, professional and yet personal. There when we needed them, Catalyst helped us all the way through the process. if we ever need to use any financial services again we certainly wouldn't look anywhere else' Managing Director