The FPB has joined forces with Cattles Invoice Finance
In a survey carried out by the FPB earlier this year of the 25,000 small and medium-sized businesses it represents, almost three-quarters of respondents said that late payments severely affected cash flow and posed a ‘considerable threat' to the viability of their firms.
Commenting on the new benefit of membership, the FPB's Director of Finance and Administration, Nick Palin, said: "Late payment has been a problem for smaller businesses for many years. They have experienced reduced profit margins and working capital against higher levels of borrowing and, in some cases, business failure."
"As a result, alternative funding solutions have become increasingly popular to reduce the risk of late payment. However, many businesses are still unaware of the options available. We felt it was our responsibility to offer our members the advantages of one of the most popular products – invoice finance – to provide a flexible funding solution that could grow with their businesses. What's more, the discounts we have negotiated with Cattles will save our members an average of £3,000 in the first year."
Ian Wilkins, Northern Divisional Managing Director at Cattles remarked: "Having an invoice finance facility in place can really help to ease the burden of cash flow for smaller firms and allows business owners to concentrate on managing and growing their businesses, rather than chasing unpaid invoices.
"In a nutshell, invoice finance gives businesses access to up to 85% of the value of an invoice within 24 hours of raising an invoice. This means that client relationships are not under pressure by constant chasing of payments.
We are delighted to be working with the FPB. The close relationship the organisation has with its members echoes the way we work with our own clients and provides both Cattles and the FPB with an excellent opportunity to add value to our memberships."