Asset based finance continues to florish
Evette Orams, Managing Director of commercial finance broker Hilton-Baird Financial Solutions, comments on the latest Funding for Lending statistics:
“Another contraction in business lending during the three months to the end of June just reiterates how the country’s SMEs in particular can no longer solely rely on facilities such as loans and overdrafts for a funding lifeline.
“The figures are even more worrying when compared to the latest statistics from the Asset Based Finance Association, which revealed the asset based finance industry increased the amount of funding it provided to UK businesses during Q2 2013 by 10% on an annual basis. £17.4 billion represents a significant contribution and further indicates how the asset based finance industry has risen to the challenge of supporting British companies. Businesses might be short of options in many aspects of business lending, but there are many tailored options as far as asset based finance goes.
“With clients’ sales also increasing markedly year on year, access to an improved cash flow appears to be having a profound impact and enabling them to secure growth. It is so important that even more businesses are made aware of the benefits and availability of asset based finance so that they too can gain access to the tools which help them to achieve their objectives.”