Progress Claim Finance with ScotPac.
Keep contract payments on track
Unlock the capital tied up in your progress payments
Access more predictable cash flow
Faster funding access than standard contractual arrangements
What is Progress Claim Finance?
Progress Claim Finance is an invoice finance solution for businesses that engage in contractual type arrangements and raise progress claims under the Security of Payment Act. You can use your progress claims to access a cash flow boost as each stage or progress milestone of the contract is completed.
This type of business finance can fund growth and support the completion of projects by injecting working capital back into the business without any real estate security required as collateral.
Adding Bad Debt Protection to your facility will protect your profit and give you peace of mind in a tough and uncertain economic climate
Fast funding
progress claims
Keep projects moving
Flexible options
invoices as required
ScotPac make the effort to understand us and really partner with us. It’s a lot more flexible than dealing with banks.
ScotPac make the effort to understand us and really partner with us. It’s a lot more flexible than dealing with banks.
Why ScotPac?
We believe in relationships, not transactions, and make it our business to know yours. With over 30 years' experience, you can count on us to see the true value of your business.Who does Progress
Claim Finance suit?
Enquire Now This facility is designed for companies that raise progress claims and enter contractual-based arrangements. The most common type of Progress Claim Finance clients are subcontractors working for principal contractors within the construction industry. The software, web development and construction industry sectors can all benefit from progress claim finance.
This type of funding is available to every business operating under the Securities of Payment Act that bills progressively and submits progress claims to other businesses. Once you contact us, we’ll structure a solution to meet your funding needs.
Submit your monthly progress claims and receive a cash advance of up to 70% of the invoice value. Once your customer completes their payment, you receive the remaining 30%, less a small fee.
- Instant funding of up to 70% up front
- Funding limits up to $750K
- No property security required
- Submit one or multiple invoices for funding
For more information about how we can help your business, fill out an enquiry form or call us today.
up to 70% up front
up to $750K
security
required
multiple invoices
for funding
For more information about how we can help your business, fill out an enquiry form or call us today.
HOW DOES IT WORK?
A Progress Claim Finance facility allows you to use your outstanding customer progress claims to secure immediate funding. Here’s how the Progress Claim Finance process works.
- Submit your monthly progress claims and invoices to your customers and send copies to ScotPac
- On receipt of customer payment schedules or recipient created tax invoice, we will advance up to 70% against the certified value within 24 hours
- Once your customer has completed the payment, the remaining 30% minus a small fee is made available to you
This form of financing is designed to help subcontractors and all businesses that use progress claim billing improve cash flow and increase liquidity.
WHAT ARE THE ADVANTAGES OF PROGRESS CLAIM FINANCE?
Progress Claim Finance is a flexible funding solution designed to meet the needs of businesses that use progress claim billing. Compared to a traditional overdraft or business credit card, Progress Claim Finance offers several advantages, including:
- Fast cash injection to provide working capital
- No real estate security required
- Flexible funding that grows in line with the needs of your business
- Much easier to access than a traditional loan or overdraft
The most significant advantage of Progress Claim Finance is that it allows you to get paid faster for the work you have already completed. You’ll have enough liquidity to keep projects moving forward.
GET A QUOTE FOR PROGRESS CLAIM FINANCE
HOW DO I KNOW IF PROGRESS CLAIM FINANCE IS RIGHT FOR MY COMPANY?
Most of our Progress Claim Finance clients are in the construction and trade industries, but this form of funding can be beneficial for any business that bills progressively and needs to improve cash flow.
Progress Claim Finance can be a good solution for your business if:
- Your customers take 30+ days to pay
- Extended payment terms cause cash flow gaps
- You don’t qualify for a bank loan or overdraft
- Lack of working capital is stalling large projects
From supporting operational working capital to funding growth plans, there are many reasons why Progress Claim Finance could be a good funding solution for your business.
WHAT DO I NEED TO APPLY?
Talk to one of our friendly Progress Claim Finance specialists the best solution for your business and what you need to apply.
Not sure if Progress Claim Finance is right
for you? We offer other finance solutions
Learn more Easy to apply
1
Give us a call
Talk to one of our friendlyProgress Claim Finance specialists
about tailoring a solution for
your business
2
Proposal
We’ll present you with thesolutions to choose from,
based on what you’ve told
us you need
3
Documentation & Settlement
We’ll work with you todot all the i’s and
cross the t’s to finalise
your solution
Get approval within 24 hours
Get started todayCall us to discuss how we can
finance your business 1300 505 883