The latest figures released by the Asset Based Finance Association (ABFA) have indicated that firms utilising asset based finance solutions such as invoice finance saw their sales rise on average by nearly 13% in Q4 2012 (October – December), in comparison to Q3 (July – September). Companies with such facilities in 2012 collectively recorded a turnover of more than quarter of a trillion.Invoice discounting contributed heavily to increasing sales growth of such companies, as the UK’s SMEs use facilities to unlock their cashflow and quickly free up money they’ve already earned. Despite overall net lending to SMES through traditional routes of business finance falling by 2.6% in 2012, funding via members of the ABFA (such as Skipton Business Finance) increased by 6%. In total, £16.7bn of cash was funded to companies with asset based finance in 2012, up 6% from 2011. 83% of firms using asset based finance are businesses with a turnover of less than £5m, showing just how crucial it is proving in helping support the UK economic recovery. Chief Executive of ABFA, Kate Sharp, said: “With total funding (through asset based finance) rising by 6%, it's evident that the sector is performing well and is making a strong contribution to pushing the UK economy back towards higher levels of growth and overall recovery."