- 23 Feb
Invoice Finance - A Well Kept Secret
In our survey, we asked the SMEs that we interviewed why they thought that so few UK businesses used invoice finance. The Asset Based Finance Association?s figure for the total number of businesses currently using factoring and invoice discounting, via their membership (*see below for a list of contributors to these ABFA figures), in the UK as at September 2009, was just 42,983.
31% of respondents thought that businesses just hadn't heard of invoice finance. Some respondents also thought that the factors were not promoting the products sufficiently.
* List of Contributors to the ABFA Figures:
Absolute Invoice Finance, AIB Commercial Services Ltd, Anglo Irish Bank, Ashley Commercial Finance, Aston Rothbury Factors Ltd, Bank of America NA, Bank of Ireland Commercial Finance - Belfast, Bank of Ireland Finance - Dublin, Bank of Scotland (Ireland) Commercial Division, Bank of Scotland Cashflow Finance, Barclays Asset & Sales Finance, Bibby Financial Services Ltd, Burdale Financial Ltd, Cavendish Investments (Manchester) Ltd, Centric Commercial Finance, Charterhouse Commercial Finance Plc (E), China Export Finance, City Invoice Finance Ltd, Close Invoice Finance Ltd, Clydesdale Bank plc, Coface Receivables Finance Ltd, Credit Agricole Commercial Finance, Davenham Trade Finance Ltd, Easy Invoice Finance Ltd, Euro Sales Finance (UK), First Trust Bank, Fortis Commercial Finance Ltd, GE Commercial Distribution Finance Europe Ltd, GE Commercial Finance Ltd, GMAC Commercial Finance plc, Hitachi Capital Invoice Finance, HSBC Invoice Finance (UK) Ltd, Independent Growth Finance, JSM Finance Ltd, KBC Business Capital, Leumi ABL Ltd, Lloyds TSB Commercial Finance (Ireland) Ltd, Lloyds TSB Commercial Finance Ltd, National Irish Bank, Northern Bank Ltd, Positive Cashflow Finance Ltd, RBS Invoice Finance, Regency Factors plc, Skipton Business Finance Ltd, SME Invoice Finance Ltd, State Securities plc, Ulster Bank Invoice Finance, Ulster Bank Invoice Finance (NI), Ultimate Finance Group plc, Venture Finance plc