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Why are bank overdrafts losing popularity with SMEs?

The Bank of England has recently reported that demand for new overdraft facilities by SMEs has, again, fallen and that, of agreed overdraft facilities, 40% are not being used.  Overall, in the last quarter, there has been a 10% drop in the use of overdrafts as a source of finance.


By contrast, in the same period, asset based lending, such as factoring and invoice discounting, has increased to its highest ever level.  What was once viewed as an “alternative” source of finance, is now starting to be considered “mainstream”.

Perhaps, when the benefits of invoice finance are considered, you can be forgiven for wondering why this has not always been the case!  

Some of the benefits of Invoice Finance are 

With a wealth of experience in the industry we offer innovative financial solutions to businesses and, being independent, we can search the entire marketplace to ensure that you have access to the best deals,tailored to suit your requirements.

Why not call us for a no-charge, no-obligation chat about the options that are available and how these can help your business progress?

Contact

Ian Jones (Head of Business Development) on 0161 438 8555 or 07801 858737, or

Stephen Devonport (Business Development Manager) on 0161 438 8555

OR

email us at enquiries@factoringandinvoicediscounting.co.uk


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