Selective Invoice Finance allows UK-based businesses to release cash from single invoices, with no long term contract
Tandem Invoice Finance is reassuring directors of SMEs that alternative forms of finance are still available, following the latest industry reports regarding the challenging state of business funding. Recent forecasts from The Ernst & Young Item Club suggest that bank lending to businesses is at its lowest level since 2006, and a survey from the Office for National Statistics, Warwick Business School and the Federation of Small Businesses report that averaged loan rejection rates have increased from 11% between 2005 and 2008 to 38% in 2012.
While overdrafts offer access to working capital for the lucky few, Malcolm Piper, director of Tandem Invoice Finance is keen to assure SME directors across the UK that alternative finance options are available and the number of schemes being accessed is continuing to rise. The total number of businesses using asset-based finance such as Invoice Financing has risen by 4 per cent in 2012, pushing numbers up towards 43,000, according to the Asset Based Finance Association (ABFA).
Selective Invoice Finance, as offered by Tandem, provides a flexible option for SMEs by offering finance against individual invoices on an ‘as needed’ basis. By choosing individual invoices rather than a traditional ‘whole of book approach’, SMEs can better manage their cash flow, do not have to surrender their entire debtor book, only pay for the facilities that they use, and avoid the requirement for all of their clients to be ‘credit managed’ in the same standard way.
Malcolm explains: “Although the recent forecasts and surveys are rather bleak, there is still a range of funding options available to SMEs today. Many businesses are adopting invoice finance to access working capital and our Selective Invoice Finance allows UK-based businesses to release cash from single invoices, with no long term contract and a single transparent fixed fee. It is an excellent solution for those businesses needing flexibility and wishing to stay in control of their own cash flow.”
Further information about Tandem Invoice Finance is available at www.tandemuk.com, by calling 0845 6188 515 or by following updates via www.Twitter.com/TandemIF.
Notes to Editors:
A high-resolution photo of Malcolm Piper from Tandem Invoice Finance is available on request.
About Tandem Invoice Finance
Established in 2009, Tandem Invoice Finance specialises in ‘selective invoice financing’ for SME’s across the UK. Based in Chichester and covering the whole of the UK, Tandem was set up to offer an alternative to traditional invoice finance products, by providing companies with the flexibility to release funds from single invoices without having to commit to ongoing or long-term contracts. Further information can be found at www.tandemuk.com.
Peppa Sheridan / Limara Hassall
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