Small Business Factoring – turnover up to £300,000
To begin with Invoice Factoring is a smarter way to fund your small business. With a facility of up to £50,000 you can access funds from unpaid invoices within 24 hours.
Secondly Small business factoring allows you to try the facility without any lengthy contracts. In addition there is a 30 day rolling contract which leaves you in control of the length of time you use the facility.
Is it different to an overdraft?
This type of facility allows your business access to finance so in simple terms can be compared to an overdraft, however, as the facility is linked to your sales you can have a larger facility than an overdraft.
Generally overdrafts are only offered up to £30,000 on a unsecured basis. Subsequently after this level most banks will require some form of tangible security against the facility.
For example with small business factoring your sales ledger becomes the security.
- The level of funding grows as your sales grow.
- Overdrafts can be withdrawn at any time – sometimes at short notice. Small business factoring takes away the risk of finance being withdrawn.
- Other financing products can also be utilised alongside small business factoring.
- You don’t need to speak to your bank manager to request an overdraft increase.
- No need to keep speaking with your bank manager for increases in your facility.
Why should we use Small Business Factoring
- Access the funds from your invoices within 24hrs.
- A 30 day rolling contract
- The funding limit flexes with your level of sales.
- No set up fees
- One simple fee of 3.8% all in.
- You remain in control of your customer relationship.
- Quick set up – usually set up within 5 days.
- Bad Debt Protection to safeguard your business from non paying customers – additional 1% per invoice
- Full Credit Control Service – additional 1% per invoice
Why talk to us?
We are Invoice Finance specialists with over 17 years experience. In addition we work with over 30 Invoice Finance lenders across the UK and can source the perfect facility for your business.
Finally if you like what you read above and would like to apply for a facility please click below.
Also please take a look at The Federation of Small Business website for more small business assistance https://www.fsb.org.uk/