Bibby Financial Services (BFS) has provided a £2.2m invoice finance funding facility to Care Visions, a fostering and residential care provider.
To support its international plans, Care Vision spoke with BFS’s Corporate team in Scotland, which was able to structure a bespoke funding package.
The £2.2m Confidential Invoice Discounting facility will help to balance Care Vision’s cashflow against changes in local authority payment terms, as well as supporting further growth.
The facility was structured to allow access to funding during the month prior to final invoices being raised to the local authority’s, enabling better cash flow management.
In addition, the level of invoices funded was increased to 85%, with BFS offering an additional flexible option to increase to 90% during peak times.
Ronnie Stokes, corporate manager – Scotland at Bibby Financial Services said: “Care Visions is a fantastically innovative business that is committed to transforming the lives of the vulnerable and disadvantaged. Partnering with a business that is striving to tackle a global problem and make a real difference in the world has been extremely rewarding.
“We’re a relationship based funder, and this means that we get to know our clients’ businesses so that we can tailor a funding package that works both now and in the future.
“This deal is a great example of our team’s expertise in not only invoice discounting, but structuring a bespoke finance facility that is fully personalised to meet the company’s individual cashflow needs.”