An established cleaning services provider offering general cleaning services to commercial, industrial, and residential building required funding to improve its cashflow.
The business provides quality solutions and services to a diverse customer base which it has served for the past decade.
Bibby Financial Services Singapore provided a SGD600,000 Full Recourse Notified Factoring facility to enable the client to access the cashflow it needed from its outstanding invoices.
The client required a flexible and customised factoring facility to support their on-going and future projects. Freeing up the cashflow meant it was able to pay for overhead costs, such as workers’ levy and staff salaries (being the largest portion of their costs), as well as finance the purchase of chemical products.
BFS Singapore’s experienced Business Development Manager had managed to turnaround the end to end application within two weeks, enabling the cleaning business to cash out their outstanding invoices within 24 hours.
The client now has a sustainable funding to meet their working capital needs and to bid for new projects. The director is also able to put more effort and focus on the operations of their on-going and new projects while leaving the funding and collection to BFS Singapore.
Discover how factoring can support your cashflow by unlocking outstanding invoices.