Business growth in pipeline for many UK SMEs

Invoice finance is a popular alternative to traditional bank funding facilities which can prove inflexible and hard to access

Approximately one in five small-to-medium-sized enterprises (SMEs) are planning to expand in the near future, according to a new survey by Direct Line for Business.

The government’s decision to introduce an employer allowance of £2,000 per annum towards National Insurance Contributions has reduced cost burdens on SMEs, which is giving them renewed impetus to plan for growth.

But with cashflow pressures from other sources such as high inflation still hindering many as well as a mixed economic outlook, it can still prove difficult for small business owners to prioritise growth. despite the opportunity for expansion existing.

Andy Grantham, Sales & Marketing Director for SBF, said: “SMEs are the lifeblood of the UK economy, accounting for more than 99% of private sector businesses in the UK”.

“It is therefore vital that such businesses are assisted as much as possible, especially when it comes to putting expansion plans into place”, he concluded.

Invoice Finance for Business Growth

One solution that many SMEs can access is invoice finance, a form of alternative funding that provides cash upfront in exchange for unpaid invoices.

Invoice finance facilities, such as invoice factoring and invoice discounting, are used by many to help free up cashflow, proving especially useful for businesses that have thousands of pounds worth of cash locked up in invoices for months on end.

Invoice factoring also provides a credit control facility, which helps to ensure that all invoices are chased up and paid as quickly as possible.

If you’d like to find out more about how our facilities work, why not browse our website, email us at info@skiptonbf.co.uk or give our team of experts a call on 01756 694933.