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presented by October France



36 months


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Sainte-Hélène-du-Lac, France




Presentation of the company

Created in 2016, Erudis&Responsabilis is active in the Human Resources sector. The company, managed by Mr Alexis Ducos and Mrs Aline Valden, has 6 employees and is based in Sainte-Hélène-du-Lac. Erudis&Responsabilis completely replaces an HR and social management department for small companies and offers the possibility for larger structures to outsource certain HR functions.

The company’s main activities are:

  • Payroll outsourcing for companies.
  • Assistance in the production of documents for employee management.
  • Audit and training for Human Resources departments.
  • Outsourcing recruitment service.

The company works with local small and medium-sized businesses that generally doesn’t have Human Ressources departments or payroll management software. Revenue is generated mainly through its payroll outsourcing offer and is recurring since the service is monthly invoiced.

Erudis&Responsabilis uses SILAE software for its customers, the leading payroll management software.

The company was created in March 2016 and was only operational in September of the same year. The first financial year was closed at the end of 2017, i. e. 22 months.

Project Description

The company requests 42 000 € to finance the recruitment of 2 new people who will be in charge of developing the new portage activity through a new company called E&R Portage. The wage portage is a new form of employment halfway between entrepreneur and employee, which makes it possible to develop an independent professional activity, while maintaining the social coverage of a traditional employee.

The amount offered on the platform is limited to 20580€, which is in line with the regulatory limits.

Analyst’s Opinion

With a turnover of 257 000 € in 2018 and an experienced team, the company has a good track record combined with a two-digits operating margin.

In recent years, the increase in revenue has been driven by the development of the customer portfolio. The decline in profitability is linked to the recruitment of new employees.

The forecast is based on the 2019 landing with a turnover of €350,000.

The borrower has an strong repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1,65 and a strong financial structure, with a forecasted net debt / ebitda ratio of 2 and a net debt / shareholder equity of 221%.

The analysis of the project leads to a credit rating of B+ and a 4,8% annual interest rate.

*The multiple of FCCR at 1,65 means that the company has a safety margin of 65% relative to its ability to repay its credit maturities.

The expert opinion is given as an indication on the basis of the elements provided by the project holder and information from our databases (External data provider). This opinion is only an element of reflection in the decision making of a lender to participate in the financing of a project.

Strong points:

  • Recurring turnover thanks to the payroll outsourcing activity.
  • Excellent repayment ability with a forecasted FCCR of 1,65.
  • Item around company positioning or longstanding track record.

Point of caution:

  • Uncertainty as to the good results of the new activity.