UK Finance Reports on Invoice Finance Industry - 5 Must-Know Facts

UK Finance, which represents the collective voice of the banking and finance industry, releases quarterly reports on the Invoice Finance and Asset Based Lending industry. Here are 5 must-know facts from its most recent report.

We’re supporting a huge amount of UK business…

The recent report really helps to put things into perspective. Providers in the Invoice Finance and Asset Based Lending industry may only deal with a few thousand of SMEs at a time.  

But looking at the stats, our industry can confidently say it’s supporting over 40,000 small-to-medium enterprises.

And we reached this landmark last year and sustained that throughout the whole of 2018.

…which represents a huge amount of turnover…

Not only that but we can understand this in financial terms too.

UK Finance’s members in the industry – which also includes Skipton Business Finance – supports clients with a total turnover of around £285 billion.

…and we’re helping larger SMEs too

The number of larger SMEs (with turnovers over £10 million) using Invoice Finance and Asset Based Lending increased by 13 per cent.

This was compared to the same month a year ago. This means that larger SMEs are not just looking for our help to support their ambitious growth plans but to aid with cashflow management, develop credit control processes and much more.

More transport, services and distribution companies have looked for our help

Looking at the breakdown of sectors, it appears that compared to last year

Transport increased by 0.8%, services by 1.3%, and distribution by 0.5%. These fractional percentages however represent hundreds of clients.

More SMEs are choosing Factoring over Discounting

Although Invoice Discounting is a more common choice (with a £63,417million in value, compared to Factoring which is valued at £5,403million) the increase for Factoring is greater: 7.2% up take in Factoring with a 1.7% for Discounting.

Start closing your cashflow gap

If you’re tired of seeing that widening cashflow gap then maybe one of our Invoice Finance solutions could work for you.

With Invoice Factoring you will get to work closely with one of our friendly, highly-trained credit controllers and a dedicated Relationship Manager. Or if you would prefer to maintain full credit control then Invoice Discounting could be cashflow solution for you.

At Skipton Business Finance our friendly teams across the UK can provide your business with working capital from as little as £25,000 to as large as £5m.

Our Invoice Factoring or Invoice Discounting solutions can provide a much-needed cash injection for B2B SMEs based in the UK. No more 90 day waits for payments.

If you would like a no-obligation FREE quote email or use the quick and simple form on the right and one of our regional experts will call you back.

About Skipton Business Finance (SBF)

Skipton Business Finance provides businesses with working capital through flexible Invoice Finance solutions, including Invoice FactoringInvoice Discounting, our confidential My White Label solution and our interest-free Skipton Select solution.

SBF can provide working capital to a business by advancing funds varying from £25,000 up to £5m.

Backed by the Skipton Building Society, we look at the individual merits of a business as part of our underwriting criteria.

We look at potential sales figures and the whole context, not only credit scores.

We don’t just run details through a computer to make a decision. We sit down with you and understand how your business operates, how you want to be funded and how we can support you. 

Want to understand how Invoice Finance can help your business? Why not have a look at our solutions:

My White Label

Disclosed Invoice Factoring

Recourse Invoice Factoring

CHOCS Invoice Factoring

Confidential Invoice Discounting

Disclosed Invoice Discounting

Recourse Invoice Discounting

Invoice Discounting for Small Businesses