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Raising extra cash.

Whether you’re a sole trader, a small business or a medium enterprise there may be situations where you need to raise cash and quickly. Maybe you need to purchase more materials, maybe your vehicles let you down and need work doing which can cost a lot of money, or you may owe the tax man some money. Whatever it is, it can cause stress, and naturally we go into panic mode, how much money is in the business account? Do we have savings? Can I remortgage the house? Should I use my own money? Will the bank give me a business loan.

These are all ways of finding finance but realistically how quickly and simply can cash be raised from these sources. The banks have stopped lending, remortgaging a house can take time and using your own money? We would seriously re consider.

The team at Select Factoring offer services including factoring, invoice discounting and selective factoring.

Now if you’ve never heard of factoring it may strike fear into your heart, but don’t let it, because actually factoring uses the asses tied up in your own invoices and you simply release those funds and can have the equivalent cash within 24 hours. Yes its really that simple, and where as you may pay a lot of interest on bank loans and credit cards, you will only pay a small fee for the use of a factoring lender.

If you do think you can benefit from having the cash within 24 hours, and lets be honest, who wouldn’t, you can contact a factoring lender and let them know about the invoices you have to send out to clients. You can then choose whether you want the factoring lender to carry on with the paper work and chase up the payments, or you can carry on and be in control of your own invoices.

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