Invoice Factoring solutions increase as banks tighten up lending

Enquiries for business re-finance packages have increased three-fold in the past two months, according to the Commercial and Factoring Advisory Service within Enable Finance.

The service, which provides independent advice to small and medium sized enterprises (SMEs) considering refinance options, has experienced a record number of requests for information via its Factoring Services website.

The combined impact of a downturn in the economy and quarter commercial rent and bank re-payments has left many businesses short on cash. As a result alternative methods of raising funds, such as factoring and invoice discounting, are becoming more popular as businesses find banks less willing to extend overdrafts.

Factoring is a way for businesses to raise funds quickly using existing assets or the debtor book, and so is a very sensible method for business directors to better manage cash flow without having to approach reluctant banks or give equity away.

If you think your business would benefit from a free chat about how factoring or asset refinance could help your business with cash flow call Phillip Evans direct on 01623 812902 or apply for factoring online