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Area specific funding

As a whole, the UK has suffered due to the economic downturn during the past few years. There are, however, areas that have managed to stay afloat and areas that have suffered very badly. In terms of economy and how business is going, it is necessary to take stock of specific areas, rather than looking at the UK as a whole.

The East Midlands seems to be one of the areas that has managed to be prosperous during the recession, out of the whole country this area was ok, it wasn’t brilliant, but it wasn’t as bad as the other areas.

Taking into consideration area economics, many financial companies have managed to provide funding for those areas.

Because of the economy, banks had to restrict lending, which put many SMEs in a real spot of bother. Luckily there area  range of companies that offer alternative funding.

Solutions such as asset based finance, Invoice discounting and factoring are incredibly flexible and have less limits, compared to bank loans. This enables companies to use this type of financing and grow, increasing budgets and spend.

Despite the positive results and nature of this type of funding, there are areas and many companies that do not understand or even know about alternative financing. Areas such as London and the South East have been supported by financial specialists and offered a range of funding solutions, using clients own invoices to gain capital.

In the West and East Midlands, Select Factoring offer a huge range of clients financial support through Factoring. This enables companies expand not only in the UK but with clients abroad.

Our top tip? Don’t head for your local bank, there will only be disappointment there, make sure you contact your local asset based financier, you will be pleasantly surprised and happy you did.

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