ING, The Green Energy Company en NoviCap
TGEC has been an ING customer for many years. TGEC first submitted its credit requirements to ING. In order to find an appropriate solution, ING quickly realised that a different way of financing was needed in this case. TGEC needed a financier who could finance projects and who could not avoid concentrations in the accounts receivable portfolio. The link with partner NoviCap was therefore quickly established.
After the introduction of ING, NoviCap submitted an offer to TGEC within one day, for a €150,000 invoice financing facility. The price was based on the creditworthiness of the debtor. After all, NoviCap has as its working method: the more creditworthy the debtor, the lower the price.
An important condition when financing installments and projects is that the debtor must be prepared to give a payment confirmation to NoviCap. TGEC immediately presented this to its debtor and offered them the choice: a payment term of 14 days or 60 days in combination with a payment confirmation to NoviCap. The debtor chose the NoviCap solution.
Because of the good cooperation between ING and NoviCap the release of the debtor was arranged within 2 days. This allowed TGEC to quickly start the new project and meet all its payment obligations.
NoviCap as a solution in the acquisition process
In addition to meeting the credit needs of the projects, NoviCap is also a solution in the acquisition process of TGEC. Potential customers normally get the option to pay within 14 days, but through NoviCap TGEC can also offer longer payment terms. As a result, TGEC is better able to acquire more customers with long payment terms, financing is no longer the limiting factor.
The future of TGEC with NoviCap
In the meantime, TGEC has once again won a major project to make a healthcare institution more sustainable. The existing NoviCap facility can easily be increased to meet the needs of TGEC. In the future the credit line will continue to grow along with TGEC.