Working capital management solution

Commercial cleaning services business funds rapid growth with S$1.2m funding line

  • Location: Singapore
  • Sector: Business services
  • Funding: S$1.2mil
Commercial cleaning businesses are one of the most essential businesses which are allowed to operate during the Circuit Breaker in Singapore. Maintaining cleanliness and hygiene of commercial buildings are top priorities for every businesses which has to deal with individual customers. Zhi Xian Lee, Business Development Manager, Bibby Financial Services Singapore

A commercial cleaning services business undergoing rapid growth due to the Covid-19 global pandemic required a flexible working capital management solution to keep up with demand.

Bibby Financial Services Singapore worked with the business to structure a funding solution which would allow the it to meet demands. The agreement saw the provision of a S$1.2mil Factoring line to the well-established commercial cleaning firm.

As a result, the business now has an effective working capital management solution which will enable it to continue expanding its presence in Singapore.

The business specialises in commercial building cleaning which had seen growing demands from clients due to the increase in cleansing and sanitising requirements during the Covid-19 pandemic.

As an established and independent SME funder, BFS Singapore worked with the commercial cleaning business to find the best solution to support its working capital management needs.

BFS Singapore was brought in to replace a previous funder in order to develop a customised S$1.2m funding line which would provide a long-term solution.

This working capital management strategy means the business can confidently support the growing demands of manpower salaries, CPF contribution, IRAS GST and other overhead costs.

The facility, structured by Zhi Xian Lee of BFS Singapore’s Sales Team, helps the cleaning firm with its cash flow needs in the event of any delay of payments by their customers.

Zhi Xian Lee, Business Development Manager, Bibby Financial Services Singapore, said: “Commercial cleaning businesses are one of the most essential businesses which are allowed to operate during the Circuit Breaker in Singapore. Maintaining cleanliness and hygiene of commercial buildings are top priorities for every businesses which has to deal with individual customers.

“We are really pleased to be their working capital management funding partner. We are committed to supporting their business growth which is vital to meet the cleaning demands due to the global pandemic.”

Read about our business funding solutions to support working capital management