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Business Link Promotes Factoring

Business link is a national government site set up to help those who have started a new business. Whether your a sole trader or an employer, Business Link will help you take the steps needed to set up, register with HMRC and other government bases to make sure you’re doing everything above board.

Its a great site and holds tonnes of useful information from how to pay tax bills, what to do when you employ someone and what happens if your business closes down.

In past years many businesses have had to close down due to the recession. Many not having the capital or funding to keep afloat. Some businesses will trade on and not realise the amount of help and advice available to them through such sites as Business Link.

Those who use the site on a regular basis will realise its potential when it comes to funding. Some companies are eligible for grants and government funding schemes, which are all found on the site.

There is another area which informs companies about how to gain funding through Factoring, Invoice Discounting and Selective Factoring. This is Asset Based Funding, and is a way of releasing the capital held in invoices to clients, without having to wait up to 90 days for the clients to pay the invoices.

Factoring has become an incredibly popular way of raising funds for small to medium businesses, due to the cut back of lending from the UK Banks.

Companies can contact a factoring lender to inform them about their invoices, the lender will make a decision and the company could have the funding within 24 hours. The company then can chose whether they want the factoring lender the chase the payments on the invoices or allow the company to carry on doing this.

It’s a simple and effective way of gaining funds and the cost is a tiny fee to the factoring lender at the end of the process.

 

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