The fastest, easiest and cheapest way to achieve 90 days of credit based on your invoice

Project Information

CreditStretcher

Grant agreement ID: 866394

DOI

10.3030/866394

Project closed

EC signature date 12 April 2019

Start date 1 May 2019

End date 31 August 2019

Funded under

• INDUSTRIAL LEADERSHIP - Innovation In SMEs

Total cost

€ 71 429,00

EU contribution

€ 50 000,00

Coordinated by

IOU.EXCHANGE APS
Denmark

Periodic Reporting for period 1 - CreditStretcher (The fastest, easiest and cheapest way to achieve 90 days of credit based on your invoice)

Reporting period: 2019-05-01 to 2019-08-31

Summary of the context and overall objectives of the project

CreditStretcher makes it easier for small businesses to grow. To grow without worrying that they’ve made a bad loan. To grow even if they have bad credit. And to focus on what matters - their business and their customers.
Many times businesses that are in need of finance, have an immediate need and want things to be done quickly, easily and safely, which is a challenge for many banks, financial institutions and factoring companies.
We provide invoice receivers with credit up to 90 days and the invoice issuers with immediate payment. Our solution is faster, easier and cheaper than the alternatives financing solutions on the market. SMEs can now get credit and financing with a simple online platform.
Their partners and customers will get an optimized value chain. CreditStretcher will help EU with creating and sustaining jobs and increase employment rates due to being a facilitator of better business flows and less bottlenecks in the SMEs’ value chains. We minimize the need for expensive project financing.
It’s important to society because SMEs play an important role in the economy since they are considered as key generators of employment, innovation and growth.
To carry out a Feasibility Study to refine the potential of CreditStretcher to reach the market and be successfully launched as well as financially profitable, verify the financial viability of the product including an updated risk analysis and contingency measures, and define the best distribution model for the business.

Work performed from the beginning of the project to the end of the period covered by the report and main results achieved so far

Over the last four months we have assessed the technical and commercial viability of CreditStretcher to confirm the feasibility of our project. We have performed a detailed market analysis, verifying the commercial potential to support our go-to-market activities. We have undertaken a global Freedom-To-Operate analysis and on the technical side, we have continued testing our product through more customers and our technology has been strongly developed and improved over the past months. It has represented a great step up in its technology readiness, and is now ready to be demonstrated in an external environment. We have developed an execution plan for the ongoing development, including a detailed business plan and a financial plan and projections for scaling CreditStretcher.

Progress beyond the state of the art and expected potential impact (including the socio-economic impact and the wider societal implications of the project so far)

CreditStretcher offers new hope for SMEs and will have a great impact in the business finance market and the general economy since it will solve SMEs financial issues by optimizing the traditional approaches.
SMEs get money faster and the ability to prolong their credit. We minimize the need for expensive project financing.
We are the faster and fairer way of getting subcontractors and contractors to work with each other instead of against each other.
We encounter an increasing interest in our technology and solution from different European Countries.

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