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Refused credit?

In the news this week it has been announced that 58% of business have been refused credit in the last 3 years. Just when we thought we were getting back on our feet, stats such as these appear.

The Irish Small and Medium Enterprise ISME, surveyed a number of companies, 93% felt that the Government wasn’t doing anything to help secure funding for businesses.

It can be sheer desperation and frustration when you wait with fingers cross, just for the bank to say sorry no!

So what are the other options? Well if your company sends out invoices on a monthly basis, you can get the money upfront. It sounds like a dream come true, read on.

Factoring is simply a way of releasing the funds within your invoices and gaining that capital without having to wait up to 90 days for payment. This instant capital can help companies continue with production, pay staff, pay bills and taxes and purchase more materials. It can also help companies grow by purchasing new machinery and vehicles and even setting on new staff. You’ll know where your money needs to go, but all you need to do is forget about the banks, and head to a Factoring Lender.

They will ask you about the amount of money you have held in your invoices, and they will provide up to 90% of those funds within 24 hours. You then send out the invoices as normal to your clients and the Factoring Lender will chase up the payment from those clients.  Once everything is paid, you’ll receive the rest of your money minus a small fee.

Hey presto! Its that easy.

Rather than head to the bank with all the lucky charms you can physically carry, don’t put everything to luck, speak to a Factoring Lender first.

You don’t want to be another stat in a survey that has been refused credit.

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