Financial Services Industry
Industry: Email Alert RSS FeedFactoring and invoice financing the way forward for SMEs -" FDA.
Financial Adviser, April, 2006
SMEs are thinking more creatively about their financial processes to grow their businesses, research has found.
According to figures released by the Factors and Discounters Association, small businesses are increasingly opting for factoring and invoice financing as a means of starting and growing their enterprises.
Factoring offers a means by which early-stage businesses can rapidly raise cash against as yet unpaid invoices by arranging with financing firms to receive an advance against an invoice that the financer then collects itself.
According to the FDA, in 2005 around 43,000 UK businesses were advanced over AGBP11 bn by FDA members, with SMEs accounting for 99 per cent of those taking advantage of invoice finance.
Kate Sharp,...
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