It is now possible to obtain one off factoring against a single debtor. One finance company has entered the market whereby once you are set up with the finance company you can pick and choose which invoices you factor.
XL Business Finance has been helping printing companies raise cash against unencumbered printing equipment or equipment which is coming to the end of its finance. The ability to raise cash is providing a life line for many cash strapped businesses especially as the banks are still being very selective in whom they will advance money. In fact any industry sector which has large and expensive items of capital equipment, such as printing, is in a fortunate position.
EFG Funding was supposed to rescue many business from the economic gloom. It was supposed to provide a life line and the ability for businesses to borrow money where they wouldn’t have normally been able to. So whats been happening? We get many calls from businesses wishing to apply for EFG Funding wondering why their own banks have declined them. In reality there are two banks who have accountable for 90% of the lending to date. If you want to know which ones they are then give us a call and we will be happy to have a chat.
In the current economic climate it is still just as difficult for a new start business to obtain any sort of funding. As a general rule of thumb in order to be eligible for funding from a high street bank or finance company you must have been trading for at least 3 years, be profitable, provide a good old business plan, provide inside leg measurements and of course they will need your wife and kids as security. Hey and what about the EFG funding. Does anyone know a business who has managed to secure any EFG funding? The good news invoice factoring is probably the easiest form of finance available for any new start business. And that includes asset finance of which are bloody experts!
There are many factors which you should take into consideration when choosing an invoice financing company. probably the most important two are the geographical location of the finance company and does that company have experience in your particular industry.
Confidential factoring gives a business the same benefits of a full credit control service however the facility is set up in a way that your customers will be unaware that you are factoring your debts. Businesses which have been used to invoice discounting but have been experiencing difficult trading conditions may find that their banks are pushing them towards a full factoring service.
Not all invoice discounting companies are the same. This is especially true if there is a certain amount of contractual debt within your invoicing procedure. Contractual debt is most relevant in the construction sector whereby invoice are produced at certain stages within a project. There are only two invoice finance companies that are capable of handling contractual debt and both are very different finance companies indeed
In our opinion most definitely yes! Invoice finance will provide instantaneous cash against your unpaid invoices. The facility within reason will grow with your business and in terms of security it is far less onerous than any bank overdraft facility.
As a leading business finance provider XL Business Finance runs a database of individuals and organisations wishing to acquire businesses via amalgamation and acquisition. If you feel that the recession has taken its toll and you have been considering your long term goals and exit strategy XL Businesses Finance will be able to help. Through our extensive network of professionals and existing client database we have been successful matching business buyers and sellers together.
More and more businesses are looking to refinance existing equipment, plant and machinery to assist we cash flow. XL Business Finance has been helping customers for 10 years and is one of the UK leading independent finance companies in this area. Not only can refinancing equipment provide cash for any purpose and provide financial freedom, it is quite possible to refinance plant and machinery already on finance and provide a massive cash flow benefit by having a lower monthly payment.
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.
