The Scenario
We were introduced by Marcus Carolan from Lloyds Bank Commercial Finance. Marcus specialises in funding for the recruitment sector, and was aware that UK Credit Insurance also has a specialism in assisting agencies with their growth aspirations.
The Challenge
- Internal credit limit gaps
- Recruitment Clause requirements
- Quick turnaround required
Our Response
- Full Market Review with key clients highlighted
- Quick turnaround requested due to pending change of funders
The Result
Fantastic limit appetite
Gavin Brown at Nexus was able to deliver cover which was previously restricted by the old founder. This will enable Lloyds to fund up to the new amounts, and the client to grow, safely.
Recruitment clauses included
With self billing and pay when paid clauses required, Nexus were able to write cover on both the RPO and the end buyer, which I crucial for ensuring every negative outcome was covered.
Conclusion
Without the assistance of UK Credit Insurance, this deal would not have happened for Lloyds. We were able to support them when their internal policy didn’t have appetite on some of the clients key debtors. It was a seamless transaction as we acted as an extension of Lloyds, keeping them updated throughout the discussions to enable a straightforward credit paper and onboarding procedure.
Funders – We don’t expect to be 1st choice when you have your own internal policy, but we can certainly be a great 2nd choice if you need us!
