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Factoring & Invoice Discounting

Venture Finance announces new approach to Factoring

By CreditMan Monday, July 13, 2009

Premier Invoice and Asset Based Lender, Venture Finance, through its specialist division Venture Factors has launched a Fast Track Factoring process to further enhance access to funding for new clients. The streamlined Fast Track approach aims to deliver funding within a week, swiftly supporting business cashflow when and where it is needed most.

The new process will see introducers such as accountants and brokers intimately involved with timely information at every key stage of the decision process, from Venture's single visit to prospective client businesses and same day Initial Offer, through to funding available to clients within a week.

This newly improved service will make an instant and ongoing improvement to client finances by advancing an agreed percentage - up to 90 per cent - of the value of invoices as soon as they are raised. Client businesses will continue to benefit from Venture's award-winning service with a dedicated account manager who will take the time to truly understand the businesses individual needs.

Venture's Factoring services include the skills of a dedicated credit controller to handle the recovery of all outstanding invoices, freeing up the client's valuable resource and time to focus on business growth. Bad Debt Protection can also be included to shield against unpaid invoices and customer insolvency.

The Fast Track Factoring process is available to businesses with a turnover of up to 2m.

Peter Ewen, Managing Director, Venture Finance, comments: "We are constantly listening to our introducers with a view to improving our already strong service offering. This quicker, newly improved service is a direct response to our clients' and introducers needs. It streamlines our processes even further for new Factoring deals and addresses the lack of finance currently available to UK businesses. Funding is not available fast enough from traditional sources for businesses to survive the recession and build a platform for future growth. Venture is committed to providing UK businesses with fast access to funding, particularly during these challenging times.

"We have seen a 23% increase in Factoring clients compared to an overall decline across the industry. Our credit control processes are two weeks faster than the industry average, and we have twice as many specialist staff to look after each client than the banks."

Business Money Receivables Review - March 2009