ABFA, the Asset Based Finance Association, today announced impressive growth figures for its members as invoice finance yet again saw a big rise in popularity.
Advances from ABFA members to clients grew by 12% year-on-year, with £15.7 billion being distributed.
Kate Sharp, chief executive of ABFA, said of the latest report, "The figures in our new economic report indicate growing business confidence amongst invoice finance clients, both SMEs and larger firms. This contrasts markedly with the general negative sentiment concerning the state of the wider UK economy and a general contraction in the stock of lending. Firms using invoice finance are seeing rising sales and are continuing to have access to an ample supply of finance.”
It was also reported that the involvement of factoring companies with SMEs and owner-managed businesses successfully shortens the average days debtors take to make payments, another benefit to businesses using invoice finance solutions.
Yet members of ABFA, which includes Skipton Business Finance, also reported that not all funds available to clients were drawn. £6.5 billion of funds available to clients this quarter was not used, so there is seemingly availability for even more businesses to take advantage of the money available from invoice finance solutions!
Invoice finance the right solution for you?
Here at Skipton Business Finance, we have finance solutions which could be ideal for your business.
With the increasing month-on-month popularity of invoice finance, why not be the next business to benefit from our flexible solutions and the money we have available.
Give us a call today, to see what financial solutions we can offer your business.