Fund My Contractor had a number of enquiries to fund contractor placements in regions such as South America, South Africa and the Middle East. However, the company found the funding provided by their existing invoice finance partner to be restrictive and inflexible – making business transactions in these territories increasingly difficult. For this reason, the company sought a new invoice finance partner in order to continue growing the business.
Fund My Contractor found that ABN AMRO Commercial Finance were able to offer greater funding capabilities in these regions.
“ABN AMRO Commercial Finance look at Pay-When-Paid funding,” says Commercial Director Stewart Roberts. “This allows agencies to get the funding they require on clients, that other invoice finance companies see as a risk.”
With the significant increase in the number of countries now being approved for funding, recruitment agencies are increasingly able to expand international contract placements with extra confidence and ease.
The business was able to refinance with ABN AMRO, switching from their existing funding provider. A tailored solution, which included a £1m invoice discounting facility, enabled the company to develop their plans for global growth.
The business is now able to work with clients in a range of countries, including those previously rejected by their former invoice finance provider. Fund My Contractor is now able to fully support clients on an international scale, enabling continued global success.
“Moving to ABN AMRO Commercial Finance dramatically improved the services offered by Fund My Contractor, as we can now provide our services to a wider range of countries worldwide,” comments Stewart. “This allows agencies to branch out into international contract positions, without having to sign up to long term, expensive invoice finance agreements.”
Since the partnership began, Fund My Contractor has been an invaluable customer and partner of ABN AMRO Commercial Finance. Having worked as an invoice finance incubator for a number of new start-up agencies, Fund my Contractor enabled start up companies to warrant having their own invoice finance arrangement. For businesses that didn’t have a high enough turnover or large enough volume of initial business, this service proved integral to their continued success.
Two of the agencies that were initially partnered with Fund My Contractor have since made the transition to ABN AMRO Commercial Finance. The team at Fund my Contractor were absolutely essential to this process, ensuring the transfer was seamless.