Skipton Business Finance is offering £40m in Invoice Finance solutions for small UK recruitment businesses.
The recruitment industry, particularly e-recruitment, is growing year on year due to the popularity of sites such as LinkedIn, which are commonly used by recruitment companies to seek potential candidates. According to The Online Recruitment Resource’s Recruitment Industry Trends report for 2017/18, the number of businesses operating in the UK recruitment industry grew by almost 10 per cent on the previous year. As businesses in the recruitment industry make up a number of Skipton’s customers, the company aims to make sure it is helping to contribute towards the success and growth of such businesses.
Skipton Business Finance offers various forms of Invoice Finance, including Invoice Factoring and Invoice Discounting, also offering EFG loans alongside these finance solutions.
Invoice Factoring involves a business having an arrangement with their funder, whereby the funder takes responsibility for running the business’s credit control process. They pursue the debtor for payment so that the business does not have to. This type of invoice finance allows businesses to draw up to 80-90% of the value of an invoice straight away without having to wait 30+ days for customers to pay.
Invoice Discounting is similar to factoring, as it allows businesses to receive 90% of their unpaid invoices upfront as oppose to waiting, with the remaining 10% made available when customers pay. Unlike factoring, with discounting, the business is in charge of its own credit control instead of a debtor.
Managing Director, Greg Bell said: “Skipton Business Finance is proud to be offering this amount of money for recruitment businesses. This scheme can give a business the support it needs to transform and we are proud to be involved in this process.”
“We have assisted a number of recruitment businesses who have opted to use one of our Invoice Finance solutions, subsequently helping their growth.”
“The recruitment industry is important to us, therefore we want to encourage the growth of businesses in that industry by offering this.”
Skipton Business Finance Limited, a wholly-owned subsidiary of Skipton Building Society, is a factoring and invoice discounting company. Established in 2001, SBF provides financial products ranging from invoice factoring, invoice discounting, and its award winning My White Label solution. Skipton Business Finance is also an accredited lender of the Enterprise Finance Guarantee Scheme. It continues to be a UK-leading financier in the invoice finance market and is keen to maintain its position as a major, client-focused organisation in the UK.
To learn more about Skipton Business Finance and its award-winning finance solutions, please visit https://www.skiptonbusinessfinance.co.uk/.
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