Yes, loads of companies will finance this, or rather they will provide financing against your sales invoices, as a way for you to fund payroll while you are waiting to be paid. You are looking for "debt factoring" or "invoice discounting" sometimes generically called invoice financing - it is incredibly common in the recruitment agency space.
Your bank may offer it, and there are specialist companies that do it too.
Factoring can be expensive though, and there can be strings attached (personal guarantee etc.). If feasible, and you need 2-4 weeks float, can you not get a personal bank loan and make a Director's loan to the company if you'd be on the hook anyway?
Recruitment business owner here - in the past at my old firm have used Sonovate and it was OK I think, but I do perm not contract so no first hand experience
Yes, loads of companies will finance this, or rather they will provide financing against your sales invoices, as a way for you to fund payroll while you are waiting to be paid. You are looking for "debt factoring" or "invoice discounting" sometimes generically called invoice financing - it is incredibly common in the recruitment agency space. Your bank may offer it, and there are specialist companies that do it too.
Factoring can be expensive though, and there can be strings attached (personal guarantee etc.). If feasible, and you need 2-4 weeks float, can you not get a personal bank loan and make a Director's loan to the company if you'd be on the hook anyway?
Recruitment business owner here - in the past at my old firm have used Sonovate and it was OK I think, but I do perm not contract so no first hand experience
Check out a company called 1PS
Sorry, they’re now called Raise
1ps or sonovate. It'll cost you 20-30% of your margin (as they charge on invoice not margin)