Siemens Financial Services has provided London-based recruitment agency Eligo with invoice finance.
Eligo was founded in 2001, and specialises in the IT, energy, fire and security, digital, medical and event sectors. After expanding to recruit contractors as well as permanent employees, the business sought invoice finance.
Aleks Dimitrova, finance and operations manager at Eligo, said: “Supplying contractors affects your company’s cash flow, because we have to pay the contractors before we’ve received payment. We use invoice finance to bridge that gap.”
Eligo said it will use the invoice finance to improve its cash flow. It said they had received invoice finance from a high street bank initially, but changed to SFS.
Dimitrova added: “The most important thing that SFS gives us is a responsive account team. That is what we had lacked previously and so it was something we were keen to remedy. We were pleasantly surprised with the SFS team visited us and talked us through their system.”
Colin Grimshaw, senior relationship manager – invoice finance UK, SFS said: “Unlike other providers we were able to tailor our offering to the client, and that encompasses the personal service provided by the team, as well as the funding level and associated terms. Eligo is a successful business and we are pleased to support them as they continue to grow.”
