Not only are we midst of a recession but when it comes to the banking and finance sector we are heading into unchartered territory. More and more banks are restricting borrowing to their own customers (and the good ones at that). XL Business Finance are seeing more and more customers wishing to switch from bank overdraft to factoring or invoice discounting. Most overdrafts are repayable on demand and the banks can and do withdraw overdraft facilities at the first sign of trouble. Never has it been more true that banks are happy to give you an umbrella, but at the first sign of rain they want it back. Why take the risk? Not only will a factoring or invoice discounting facility replace your overdraft facility it can quite often provide additional working capital and will grow with your business.
Providing you are operating within the terms of facility factoring or invoice discounting it won’t be pulled from under your feet. As an independent factoring broker, XL Business Finance can guide you through the maze of different factoring companies. Not all factoring companies are the same and we can certainly add value in helping you find the right funding partner.
