Bank lending to businesses increased in November 2009, which was the first increase since January 2009. However, small businesses are looking outside traditional bank loans for finance, due to the fact that the banks are currently less than accommodating.
A survey by Bibby Financial Services reported that 40% of small businesses said that obtaining finance was critical for them and that 74% of them found that tighter bank loan approval requirements had made it substantially harder to borrow.
Factoring and invoice discounting is filling the funding gap for small firms. The Asset Based Finance Association reports that funding to UK firms in the third quarter of 2009 was £46,667 million, an increase of 4% on the previous quarter.
Invoice finance offers a number of benefits for small firms:
The facility is more flexible than a normal bank loan or overdraft.
The funds are available as soon as the client is invoiced.
There is less time spent on managing credit and in debt collection.
Cash flow is improved.
And, many of the factoring lenders provide bad debt protection.
Small UK firms need all the assistance they can get, since they will provide the jobs to lower the current high unemployment rate.
We help them by providing qualified prospects at no cost to them from our Local Search facility in our UK Business Directory. Most of the 1.6 million businesses listed are small firms.
Monte Huebsch, CEO
A survey by Bibby Financial Services reported that 40% of small businesses said that obtaining finance was critical for them and that 74% of them found that tighter bank loan approval requirements had made it substantially harder to borrow.
Factoring and invoice discounting is filling the funding gap for small firms. The Asset Based Finance Association reports that funding to UK firms in the third quarter of 2009 was £46,667 million, an increase of 4% on the previous quarter.
Invoice finance offers a number of benefits for small firms:
The facility is more flexible than a normal bank loan or overdraft.
The funds are available as soon as the client is invoiced.
There is less time spent on managing credit and in debt collection.
Cash flow is improved.
And, many of the factoring lenders provide bad debt protection.
Small UK firms need all the assistance they can get, since they will provide the jobs to lower the current high unemployment rate.
We help them by providing qualified prospects at no cost to them from our Local Search facility in our UK Business Directory. Most of the 1.6 million businesses listed are small firms.
Monte Huebsch, CEO
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