- 23 Mar
How To Get Invoice Finance During UK Lockdown
Are you concerned about needing to arrange business finance in the event of a UK wide lock down?
We are still able to help you arrange, and use, an invoice finance (or factoring) facility, even if there is a full lock down in the UK, due to the novel coronavirus outbreak. Funding can be in your bank account within a few days.
How To Get Invoice Finance In Lockdown
At the present time, due to the outbreak of coronavirus, the UK Government are asking people to take precautions such as self isolation if you are at risk, and minimising travel to absolutely essential trips. However, It is possible that the measures to control the virus may be escalated to a full UK lockdown, at some point in the near future.
Even with the existing measures in place, many businesses are finding it difficult, or impossible to continue to trade, and are suffering financially. Conversely, many companies that are supplying products and services central to fighting the outbreak, are coming under financial pressure to fund large orders, we are already helping several such companies.
There are government measures in place to support businesses, and one of those measures is to arrange business finance. Options such as invoice finance or a factoring facility, may help get you through this difficult period.
Invoice Finance Without Face To Face Meetings
At FundInvoice, we deal with a wide range of different invoice finance companies and a number of those have confirmed that they are both able to service their existing customers, and sign up new customers without the need for face-to-face meetings and contact. This puts them in a position where they can continue to arrange invoice finance facility is even if the UK become subject to a full lockdown - it is also allowing them to keep their staff safe in the current environment. If you are worried about the amount of contact required with external parties, this methodology may be an attractive way of arranging your facility.
Enabling Technology For Isolation
This approach is being enabled by a wide variety of technologies that some funders have available, to allow them to deliver funding to new and existing customers in isolation:
- Virtual meetings via video conferencing and conference calls e.g. via Skype, Microsoft Teams and other platforms.
- Upload facilities for your sale ledger and other information.
- Electronic sign up of facility documentation and agreements.
- Website and app based technology to handle the application process, and the ongoing management of your facility.
- Email and file transfer technology.
- "Know Your Customer" (KYC) checks via online systems, with no need for face-to-face contact.
If you need help putting in place the technology to help you deal with isolation and lock down please contact: Techwork.
Relieving Cash Flow Pressures
Many of our funding partners have gone to great lengths to reassure us that they can continue to operate normally with their staff working remotely, and leveraging these types of technologies. We have pipeline of active funding applications that are still in progress, and we are adding more each day. One customer told us that the virus outbreak had given him the push he required to get his finances in order, and get his factoring facility established.
With so many UK companies now struggling to cope with the cash flow pressures presented by this crisis, now is the time to get your finances in order, taking action early rather than leaving it until the finance houses have been deluged with applications.