A relatively new product to the market Confidential Factoring provides the full benefits of a normalfactoring service together with confidentiality that so many businesses would prefer. There are only a few factoring companies providing this service and as such the facility represents only a small fraction of the whole cashflow market.
It appears that there are still one or two individuals looking for new business financing. I suppose this is not unexpected given the number of people being made redundant in the current climate.
This is one of the least known about finance facilities in the market place. It is a very simple form of funding but is often overlooked when businesses consider their financing options. Although it is a form of cashflow funding it is completely different from factoring and invoice discounting which provides cash against unpaid invoices for periods of up to 90 days.
One of the most common enquiries we are receiving via the internet is from customers that are having difficulty with their particular factoring or invoice discounting company reducing credit limits against their customers.
OK , so we have discussed the options for making payment to the supplier but what is the best way to pay for the machinery and what are the best finance options?
Financing imported machinery can be quite a complex issue. Often the supplier will requiring paying up front however the finance company is loathed to release payment before the equipment is delivered to the customers premises.
So the Chancellor of the Exchequer has finally realised that the banks are charging more than they were 18 months ago. We have known for sometime it has become increasingly more difficult to obtain hire purchase and finance lease facilities as the banks and high street finance companies continue to restrict credit.
As a leading independent factoring and invoice discounting broker it is important we match the most appropriate factoring company with our potential clients. XL Business Finance use over twenty different finance companies that all have a different criteria in terms of the clients they are looking for. The main paramiters which we work to are.
Whilst finance companies and banks continue to remain ultra cautious in the current economic climate we are constantly looking for innovative finance solutions to help businesses with their new and used capital expenditure programmes. Unless a business is very profitable and has a very strong balance sheet it is remaining increasingly difficult to obtain funding from the high street finance companies. It seems they are looking for reasons to decline deals as opposed to looking for reasons to agree deals. Who can really blame them when they are suffering unprecedented bad debts and they are being inundated with more proposals than they can actually cope with.
We have received numerous enquiries about Enterprise Finance Guarantee Funding ( EFG). EFG was supposed to be a more flexible replacement of the old Small Firms Loan Guarantee Scheme. The new scheme opened funding up to a larger cross section of businesses and is less restrictive in terms of eligibility.
XL Business Finance Ltd is a privately owned and independent business financing company with established links to many of the UK's leading finance houses. XL Business Finance provides a viable alternative to high street banks that lack the flexibility and imagination to provide a solution to most business users requirements. XL Business Finance can provide a full range of business financing solutions and we ensure a high level of customer service and pride ourselves on quick decisions. Our independent status will ensure any offer of funding and asset finance leasing is best suited to our customer’s needs.
XL Business Finance, Eaton Place Business Centre, 114 Washway Road, Sale, Cheshire M33 7RF UK.
