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More Businesses Using Invoice Finance

Is your business one of the many new companies using invoice finance? If so, you’re one of a growing number. The latest figures from the Asset Based Finance Association have shown that the number of companies using factoring and invoice finance services in the UK and Ireland is growing, and what’s more the amount of funding available through these options is also increasing – there’s more demand, so now there’s more supply as well.

If we compare this year to last year’s figures for April-June, over the same period this year has seen the total number of businesses using asset based finance  rise by 4% overall. This tops out at 43,000 businesses using invoice finance services. Of all the options available, Invoice discounting is the most popular – last year, 17,300 companies were using this service but this year over 18,500 are making use of it.

With bank lending failing to fulfil its small business lending requirements, invoice finance has become all the more important in the SME lending environment. Government schemes designed to get the banks lending again have fallen flat, with Project Merlin failing to hit targets and Funding for Lending benefiting big business more than small. Invoice finance is growing fast; there has been an 8% increase in the number of firms using services such as export invoice discounting, showing companies are being more resourceful when looking to grow and expand.

If your business needs to think outside the box in order to stay afloat and continue to grow, then invoice finance might be the answer. With many more companies in the UK using such services, it’s becoming a real mainstream option.


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