• I don’t understand what Factoring is?
    • Well let’s set the stories to rest. Factoring is used around the world as a flexible alternative to the more traditional, old fashioned, inflexible overdraft. Factoring directly supports companies in growth – the more you sell the more money instantly becomes available to support the next sale. In the UK over 42,000 companies factored in excess of £175bn of invoices with the industry to the end of September 2011.
    • For more information, please visit our factoring page.
  • What if my business’s cashflow needs are more than £150,000?
    • Whilst the prize is a £150,000 free cashflow finance facility we recognise that the winning company may have higher cash needs. We will be prepared to offer higher levels to the successful company with any amounts over £150,000 being on very special rates/terms.
  • What happens after the initial first year?
    • Hopefully by this time your company will be growing strongly and we will then be delighted to offer you very advantageous commercial terms to continue a structure of appropriate funding of your business.
  • Is there a minimum financial criteria to enter the competition?
    • There is no minimum financial performance criteria. The root cause of most company problems is its restricted cashflow which reduces its ability to make sales and generate profits. We help lots of companies in various stages of their business life from those who are highly profitable to those who are early in their business life, so current financial performance is not a handicap to your entry to the competition.
  • Who are Skipton Business Finance?
    • We are a wholly owned subsidiary of Skipton Building Society the 4th largest and the last remaining large mutual (i.e. owned by its members not shareholders) society in the UK. Visit our website for more information.
  • I would like to have a general talk before submitting my entry is there anyone I can talk to?
    • No problem just contact our competition organiser Robin Peers (Regional Director for our Midlands Operation) on 0121 503 2470 or rpeers@skiptonbf.co.uk.