(+34) 900 861 374 Mon-Fri: 8:00 to 18:00
The client is a company that designs, calculates and manufactures customised constructions. This includes static and dynamic structures of steel, stainless steel and aluminium.
They are active in various industries such as Offshore and Crane Building, Industrial and Utility Sectors, Architecture, Infrastructure, Equipment and Attraction Building and Shipbuilding and Yacht Building. Their goal is to keep their customers satisfied by providing high quality and craftsmanship.
The financing needs of this company
The company is a major national and international provider of sustainable and innovative construction solutions.
Over the years, the company has grown rapidly by successfully winning more and larger contracts. These project deliveries are often invoiced in partial instalments.
With these kinds of large projects, there is a peak in the credit requirement because the materials have to be purchased in advance, and additional staff is also hired from qualified partners. All suppliers, naturally, want to be paid on time.
In order to meet this large working capital requirement, they started looking for a solution to finance this large project.
“Through the Novicap solution, not only my credit needs are solved, but I also solve the credit needs of my suppliers. That’s added value! Apart from the fact that with Novicap I have solved my working capital needs today, with Novicap I also have the tool to win even more and bigger projects in the future.”
The relation between Novicap and this client
Initially, the company had presented its financing needs to its existing bank. Unfortunately, they quickly came to the conclusion that it was not possible to increase the existing EUR 250,000 facility.
The company had put its financing issue out in its network and soon its credit insurance advisor came up with a tip to contact Novicap.
After explaining the case, the customer had received a committed termsheet for a EUR 800,000 Factoring Facility within 48 hours. The entire turnover could be financed, without any additional securities.
All the debtor had to do was confirm whether the invoice was acceptable and would be paid into Novicap’s bank account. The debtor’s confirmation was given quickly, because the debtor has worked with Novicap before.
Partly because of these payment confirmations, partial invoices of projects and eventual final statements are no problem. This is why Novicap is able to issue high limits in combination with very competitive rates.
