Intero/Programs

The receivable sits at the center of every commercial transaction.

Our deal flow falls into two categories: B2B and government receivables. We assess each on the strength of the obligor, the party who pays the receivable.

Obligor payments settle the receivable
AT THE CENTER The receivable A payment obligation B2BCommercial buyers GovernmentPublic bodies Wholesale invoiceFreight invoiceTax refund proceedsContract payment
01 · Business to Business

B2B Receivables

Trade receivables owed by commercial buyers to sellers of goods and services. The SPV purchases them at a discount, after Intero assesses the obligor risk.

Retail supplier invoices

Invoices owed to a producer or distributor by a national retailer, typically on 30 to 90-day terms. Risk is assessed on the retailer as the obligor, not the seller. Invoices can be sold one order at a time or on a revolving basis against pre-approved retail obligors.

Food & consumer goodsNational retailersSeasonal orders
Manufacturing supply-chain invoices

Invoices owed to a component or materials supplier by a tier-1 manufacturer under an ongoing supply agreement. Payment follows delivery and acceptance, on terms set by the manufacturer. The SPV purchases invoices as they are issued, within limits agreed for each approved manufacturer.

Tier-1 manufacturersIndustrial & automotiveRevolving programs
02 · Due from government

Government Receivables

Receivables due from federal, state and municipal government. Payment derives from a formal contract, program or tax filing. After Intero assesses the obligor risk, the SPV purchases contract receivables, or the proceeds of a tax credit or refund claim, at a discount.

Government contract payments

Payments due to a business for goods or services supplied under a government contract. Federal contract assignments are structured to comply with the Assignment of Claims Act, including notice to the contracting officer.

Federal & state contractsMunicipal obligationsGovernment-funded contractors
Tax credits & refunds

Refundable and transferable tax credits and government refunds, sourced from a closed network of professional service providers. The SPV purchases the right to the cash proceeds once paid to the seller. The claim against the government is not assigned, and the government pays the seller as usual. Transferable credits are monetized through a permitted transfer of the credit itself.

Refundable creditsTransferable creditsFederal & stateInternational
Built into every program

An alternative to debt and equity.

When strong counterparties owe you revenue, selling those receivables takes the place of a credit facility or a funding round. We analyze your debtors book and confirm eligible obligor suitability. The SPV can then purchase receivables on a revolving basis as you invoice, within agreed limits.

For companies
Fund growth from what you're owed.

A sale, not a loan

Structured as a sale, with existing lender consent where required

No dilution

No shares issued, no new investor rights

Assessed on the obligor

Credit assessed on the paying party

Scales with revenue

Capacity grows with receivables generated

For funding partners
Receivables, assessed on the obligor.

Agreed criteria

Obligors approved against your credit criteria

Documentation

Available to eligible parties under NDA

Self-liquidating

Tied to a defined payment from a known obligor

Full reporting

Serviced and reported by Intero through to settlement

Balance sheet view · same cash need

Receivables sale

ActionSell what the company is owed
Effectno new liability, no dilution
Assets
Cash ↑
Receivables ↓
Other assets
Funded by
Debt, unchanged
Equity, unchanged

Debt

ActionBorrow against the company
Effectnew liability and covenants
Assets
Cash ↑
Receivables
Other assets
Funded by
Debt ↑
Equity

Equity

ActionSell part of the company
Effectdilution and new investor rights
Assets
Cash ↑
Receivables
Other assets
Funded by
Debt
Equity ↑ new holders

Simplified illustration. Sale proceeds reflect a discount to face value. Terms, recourse and accounting treatment vary by transaction, and sellers should confirm treatment with their auditors.

Illustrative case studies

Two sellers, two obligor types, one approach.

01 · B2B

A food producer needs cash to deliver a seasonal retail order.

01 · Problem

A national retailer placed a seasonal order worth $24M. Producing it needed $8M of working capital before the first delivery. The retailer pays on 60-day terms, the company's bank line was fully drawn, and new equity was not an option the owners wanted.

02 · Solution

Intero assessed the risk of the retailer, not the producer. An SPV purchased $10M of invoices due from the retailer at a discount. Each new invoice can be sold within agreed limits.

03 · Outcome

The company received $9.7M within five days. At 1.5% a month over the 60-day term, the discount was 3% of face value. It delivered the order on schedule. The retailer paid at day 60 as usual. With its bank's consent to release the receivables, the company kept its bank line and ownership in place.

Company profileB2B · Illustrative
SectorFood production
Revenue$85M
ObligorNational retailer, investment grade
Payment60 days from invoice
Need$8M
ConstraintBank line fully drawn, owners unwilling to dilute
Days from invoice to cash
Without Intero60
With Intero5
02 · Government

A defense supplier needs cash to deliver a new government contract.

01 · Problem

The company won a $60M three-year federal contract. Delivering the first phase needed $18M of working capital up front. Its bank line was fully drawn, and an equity raise meant giving up a board seat and 15% of the business.

02 · Solution

Intero assessed the risk of the government obligor, not the supplier. An SPV purchased $20M of receivables due under the contract at a discount, with notice to the contracting officer. Funding partners funded the SPV. Each new invoice can be sold within agreed limits.

03 · Outcome

The company received $19.25M within five days. At 1.25% a month over the 90-day term, the discount was 3.75% of face value. It delivered the first phase on schedule. The agency paid at day 90 as usual. With its bank's consent to release the receivables, the company kept its bank line and cap table in place.

Company profileGovernment · Illustrative
SectorAerospace & Defense components
Revenue$180M
ObligorU.S. federal agency
PaymentAround 90 days from invoice
Need$18M
ConstraintBank line fully drawn, equity dilutive
Days from invoice to cash
Without Intero90
With Intero5

Illustrative examples. Figures are hypothetical and do not represent a specific client or transaction.

Sector reach

Sector-agnostic by design.

Because we structure around the obligor, our addressable market extends across every sector below, and others as they arise.

TechnologyAerospace & DefenseHealthcare & Life SciencesHeavy Industry & ManufacturingEnergy, Resources & InfrastructureServices, Logistics & FinanceMaritime

Program descriptions are illustrative of current and anticipated deal flow and are not an exhaustive list of eligible transactions. Intero may introduce further receivable types as opportunities arise. Each SPV's funder agrees what it purchases.