News Article

Factoring & Invoice Discounting

New local source of working capital for small businesses

By CreditMan Friday, February 25, 2011

Small and medium businesses in the North West have been thrown a lifeline that could help them survive the economic downturn. It comes from the Interface Financial Group (IFG) which serves business people who need working capital but find it difficult to obtain funding from traditional sources.

IFG, the largest alternative funding source for small businesses, has been brought to the area by local business executive David Hirst (pictured)( who has opened an office serving principally Central and South Manchester and Cheshire.

Introducing this new and highly successful American concept to the UK, Hirst aims to offer businesses an alternative source of working capital by purchasing their sales invoices to help cash flow.

“There are many dynamic local businesses in Manchester and Cheshire that need capital to grow but are unable to get traditional bank financing,” says Hirst. “Being local, I can tailor a programme that is individual to each business from a service mix that includes invoice discounting, purchase order funding, inventory financing, export factoring and full-line factoring. I am also working closely with local banks to offer alternative solutions for business owners who need working capital.”

Following a due diligence programme, any company that contacts IFG can offer them one or more of its sales invoices to purchase. After further checks on the debtor and the sale, IFG pays for the invoice and at the end of the credit period, obtains payment from the debtor. The company does not have to wait to get paid and IFG’s discount is a percentage of the invoice value.

“The IFG service – becoming known as ‘spot financing’ - is new and different from factoring services that have previously been available in the UK because there are no fees whatsoever, no obligation to use, no minimum, and no term contract – just use it when you need it” adds Hirst. “Working with the SME market, and helping businesses grow is enormously satisfying – especially when there is such a need.”

With a sound financial background, Hirst qualified with a major high street bank and subsequently went on to manage a growing computer business, then to build a market-leading e-commerce site.

About The Interface Financial Group
The Interface Financial Group (IFG) is the leading alternative funding source for small business. IFG provides short-term working capital funding in the form of a unique invoice discounting service. The company serves clients in the manufacturing, service, and construction sectors. Interface operates from a base of more than 100 franchise offices in the United States, Canada, Australia, Ireland, New Zealand, Singapore, and the United Kingdom. IFG’s innovative invoice discounting service is a fast and easy way for small businesses to turn receivables into cash.