The asset based finance industry, which includes invoice finance, is set to grow by 9% in 2012, according to a new survey by the Asset Based Finance Association (ABFA).
It is expected that total funding provided to clients with invoice finance facilities will exceed £17bn in 2012, with invoice finance companies set to turnover £259bn, up 12% from £235bn in 2011.
7% more businesses will use invoice finance in 2012, peaking at 44,412 firms with live invoice finance facilities, which includes factoring and invoice discounting.
Kate Sharp, chief executive of the Asset Based Finance Association, said of the survey results: "The results underpin the confidence which the industry sees in the popularity of asset based finance.”
“As other forms of finance become harder to secure, the industry is predicting a strong 9% growth rate in total funding as firms look to secure the capital they need", she concluded.