Receivable concentration is a working capital problem before it is a credit problem

A concentrated receivable book does not usually stop a company from being lent to. It stops the company from being lent enough.

Where two or three customers account for most of the outstanding, a lender sizing against receivables applies a concentration haircut, and the drawing power that results sits below what the business actually needs to operate. The borrower reads this as the lender being conservative. It is the security formula doing exactly what it was designed to do.

There are two structural answers, and neither involves arguing about the haircut. The first is to widen the security base so receivables are not the sole determinant of cover: finished-goods inventory, where it can be monitored, changes the arithmetic materially. The second is to split the facility across lenders with different concentration policies rather than pressing one lender to relax its own.

Both are structuring decisions taken before the approach, not concessions extracted during it.