Bibby Financial Services launches new funding initiative
Specialist invoice financier Bibby Financial Services has today launched a new funding initiative aimed specifically at businesses with a turnover of between £250k to £1m
The offering is designed to meet demand in the market for a single fee structure and reduced contract period, assisting those businesses which may not have used invoice finance services before or are unsure of committing to a long-term agreement.
The initiative, which will run until the 31st December 2010, will allow businesses to gain instant access to cash tied up in unpaid invoices. The minimum contract period for the offering will be just six months*, with a simple fee structure based on company turnover.
Edward Rimmer, UK chief executive, Bibby Financial Services, says: “We’ve launched the initiative in response to feedback we’ve received from prospective clients in the £250k to £1m turnover band, who have demonstrated a need to raise funding but may have struggled to attract financial support from the banks due to restrictive lending criteria. These businesses have considered invoice finance but have traditionally had reservations about committing to a long-term agreement.
“The simple fee structure makes it easier for businesses to manage and keep abreast of their finances, and we hope that this new product initiative will help businesses generate additional income in order to fund growth plans.
“It can be frustrating for businesses when working capital is not accessible. This launch demonstrates the fact that, while traditional forms of lending to small and medium-sized businesses continue to fall, we are very much open for business.”
Read more at www.bibbyfinancialservices.com