Is your Funder a Provider or a Partner?

Andy Grantham regularly blogs about how small business owners can boost their business cashflow

Historically, UK small-to-medium-sized enterprises (SMEs) have always had access to alternative methods of funding such as:

  • Personal savings - invested by management into the business
  • Borrowing funds - from family or friends.
  • Venture Capitalist or Business Angels - those who may be interested in funding a growing business if the projected return levels make them enough profit.
  • Invoice Finance - facilities such as invoice factoring and invoice discounting fund cash against unpaid invoices so the company doesn’t have to wait 60+ days to be paid for work completed/delivered.
  • Extended credit - provided from major suppliers.
  • ...or just simply not taking up the opportunity the cash was needed for.

Nowadays, however, since over 43,000 companies currently borrow in excess of £17 billion from Invoice Finance providers, you could argue that  invoice finance should probably now be classed as mainstream itself.

Invoice factoring has been around since the 1960’s in the UK. Most major banks now have Invoice Factoring subsidiaries in their portfolio, whilst there are also a plethora of independent invoice factoring companies to choose from.

Additionally each year, there are a number of new players coming into the market with new ‘revolutionary’ products, not to mention established players rebranding their existing facilities.

I suppose the question is, has anything really changed?

Everyone is still selling money at the end of the day, just via a different medium and maybe in a different wrapping. That’s why it is even more important nowadays to pick the right funder.

Choose a partner

It’s not so much a funding provider that is required but a funding partner who will take time to understand your business and be there when you need them most.

Here at SBF, we take pride in the fact we are part of the Skipton Building Society who has been around for over 160 years supporting local communities with its unique mutual ethos. We have remained open for business throughout the difficult years growing our business year on year.

We pride ourselves on the fact that our biggest introducer of business is our clients themselves who are happy to recommend our services.


Why choose Skipton Business Finance?

If your business would like to deal with a funder which looks to establish partnerships with its clients, here are some reasons why we believe Skipton Business Finance is right for you:

Powerful solutions delivered by passionate people

At Skipton Business Finance we truly believe business is still a people game, something that our clients very much appreciate. In a world where people demand everything now and technology is at our fingertips 24 hours a day, it is nice to know clients still appreciate the human touch that we provide.

Clients treated as members not numbers

We make it a priority of ours to ensure each and every client is treated as individuals. They are introduced to their own client manager who will take time to understand their business and funding requirements.

In an ever-changing competitive business world, it is the ability to make decisions quickly that set businesses and individuals apart. That’s why all our client managers are experienced professionals who are given the authority to make these decisions fast.

Empowering our clients to be able to make speedy decisions without the need to constantly “refer to credit” prevents much of the frustration many companies suffer on a daily basis with their inflexible funders.

No nonsense underwriting

Our skilled team adopt a commercial approach to underwriting, putting the business and the people at the forefront of our decision-making process. We never use a system-style scorecard and make each and every funding decision based on the individual merits of the proposal.

Invoice finance with a pulse

Our commitment to have a real people on the end of the phone and not a “dial 1 for accounts” type robot reduces many of the complaints commonly found in larger organisations.

We do not believe in overseas call centres or automated telephone systems and, with our regional client hubs at the centre of the local business communities, our clients can be sure of fast, no-nonsense responses from real people who take the time to understand their business.

We believe working closely with our clients ensures great service and future success. After all, if our clients are successful then so are we.

If you’d like to find out more about how SBF funds UK SMEs, why not browse our website or get in touch with our friendly team on 01756 694933 to discuss your requirements and how we could help.