- 05 Sep
85% Of Construction Businesses Would Benefit From Immediate Payments Against Uncertified Applications For Payment
The construction sector is an area that several invoice finance companies now fund and we have successfuly assisted many construction sector businesses find funding. To better understand the sector we have just completed a survey of 100 randomly selected businesses within the construction sector. I will publish the answers to a variety of the questions asked on this blog over the coming weeks.
One of the key issues within the construction sector is that in many cases businesses do not raise invoice for payment but they present applications for payment to their customers against which the payments are received. Traditionally this would have been a problem for invoice finance companies as they fund against invoices but their are now options for constuction businesses to receive funding against applications for payment rather than invoices and these can even be funded if they are uncertified, or not yet approved.
So to guage the level of demand for funding against uncertified applications for payment we asked: "Would your business benefit from receiving immediate funding against applications for payment which haven?t yet been approved?". The result was that 85% of respondents (that raise applications for payment i.e. 75% of all respondents) said that they would benefit from receiving funding against such applications for payment a clear demand for these niche funding services for the construction sector.
To get quotations for funding against construction sector invoices or applications for payment, without obligation, contact us.