Steve is a new-start construction recruiter. Having worked for many years with a specialist national recruiter he recently decide to break away and go it alone. For him to undertake construction recruitment he needed both funding and also registration under the Construction Industry Scheme (CIS).
With Steve being a new start up he faced only being allocated net status under the CIS scheme, meaning he would have only received 80p in every £1. In order to be competitive he already had to charge less than 20% for the business he did so in effect he would actually have been at a loss on every invoice.
However working with Boomerang Funding Steve had instant 100% Gross Status making him both profitable and competitive.
Helen already had a very successful recruitment business working across multiple sectors. She enjoyed many great relationships and her clients would often user her as first choice. Previously when clients had requested contractors or temporary workers she had resisted placing them.
Helen had not wished to get locked in to any financial arrangements with a bank or a back office company. Eventually this resulted in her losing a client to another agency who offered contracting as she had no wish to offer personal guarantees or any other form of security and commit to unnecessary annual charges.
By using Boomerang Funding’s “pay as you go” funding model, Helen would have benefitted from our risk-free services are and retained her client.
Nigel already had a successful IT business. It was firmly established and placed high value contractors to a wide range of clients across the UK. These clients insisted on 30-day plus payment terms. Due to the high end value of the contractors it was impossible for him to fund the invoices himself.
When Nigel approached the bank, they offered him finance but wanted some form of security. With a very young family he had no wish to use the family home as security and in wanting to protect both the family assets but at the same time grow his business he found himself frustrated with no positive way forward.
However by using Boomerang Funding, Nigel would have gained instant access to our risk-free funding with no requirement for any guarantees at all.
Rachel’s business successfully places teachers on contract to a wide range of schools and colleges across the country. Whilst this was an excellent business model the very nature of education recruitment had natural troughs throughout the year with limited demand or no requirement for people out on contract.
When Rachel approached companies about funding her business they all wanted a minimum usage fee. She had already explained the seasonal low points but they still insisted on these monthly fees and an annual adjustment. She felt this was unfair. After all why would she pay for a service that she was not using?
With Boomerang Funding Rachel would pay no charges, she only pays our fee when she used the service, thus removing any penalty for seasonal troughs.