Premier Invoice and Asset Based Lender, Venture Finance, has provided Taurus Technology Recruitment with a funding line of £400k through its specialist Venture Factors division. The Fast Track Factoring deal, which has given Taurus the precise funding it required, was struck just four days after Venture was introduced to the company.

Founded in 2003, and based in Kent, Taurus has grown year on year to become a trusted supplier of contract and permanent I.T staff globally. It provides staff primarily to the financial markets.

Danny Robinson, founder of Taurus Technology, required a flexible funding package that would give the company an immediate cashflow boost. Facing some significant restrictions from his previous lender, Danny contacted Venture and the Invoice and Asset Based Lender was able to turn the deal around within four days. This gave Taurus Technology the stability to implement its ambitious plans for 2010.

Danny comments: “The Venture team were extremely efficient and quickly understood our business, client base, and future growth plans.  Tony at Venture was instrumental in turning it around so quickly, and there is a real sense of a partnership approach that I was not getting from our previous lender. This time last week I was faced with some significant hurdles to cross with my previous lender, who were being very inflexible due to a company wide policy change on their lending appetite; but with Venture’s Factoring package in place we are now in a strong position to continue to grow next year.”

Fast Track Factoring is a streamlined approach that delivers funding to businesses within a week, swiftly supporting cashflow when and where it is needed most – crucial at a time when credit from the high street banks is limited. It is designed to make an instant and ongoing improvement to client finances by advancing an agreed percentage – up to 90 per cent - of the value of invoices as soon as they are raised.

Since the launch in June 2009 of Venture’s Fast Track Factoring, deal activity has almost doubled. Venture witnessed its best Q3 for a decade, with a 42 per cent increase in new clients above the usual third quarter average, dating back to 2000.

Tony Tydeman, Business Development Manager, Venture Finance comments: “There’s a real sense of ambition about Taurus Technology and it’s always extra satisfying providing funding to a company with such a sound business plan. The Fast Track Factoring service is all about getting funds to businesses in extra quick time, and this deal was certainly no different. The cashflow boost puts Taurus in good stead as it heads into 2010.”