- Precision Engineering Firm
- £175k invoice factoring facility
- Turned down by bank for loan
The business, based in Greater Manchester, had recently been turned down by their bank for a loan, despite being credit worthy and profitable. Fortunately they learned about invoice finance and how it can prove very effective at unlocking the cashflow of SMEs that issue invoices. Welcome aboard to our newest client!
More firms being refused bank credit
Recent surveys suggesting that more than 50% of SMEs have been refused funding by their bank in the last six months But its not the end of the world for SMEs if they cannot access bank facilities, as viable alternative solutions are becoming accessible to many. One such alternative is invoice finance, which is an excellent way to quickly get the cash you’ve earned from your debtors. With late payment culture engrained in UK business, many SMEs that work on a business-to-business (B2B) basis may not see the money they’ve earned hit their account for three or four months. This can severely limit cashflow and put the business on the back foot for long periods at a time. Why not browse our website for more information on how invoice finance works. Or do get in touch by calling our team of experts on 0845 602 9354, emailing us at email@example.com or using the form on the right hand side.