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We get it. Don’t we?

Ok, so if you’ve been following the Select Factoring blogs, you’ll realise that the past few weeks have been full of financial reports. Basically it should be clear now that the banks are not lending and small and medium businesses are either worried about how to raise funding, but the savvy business people out there are turning to alternative lending.

Select Factoring obviously provides a range of services which include factoring, invoice discounting and selective factoring. What we do find frustrating the amount of SME’s that don’t even know about these type of services, or have never heard of asset based funding. They literally wait for the pay checks to come in before they can move on. So we thought we would try to educate those businesses who are in dire need of financial help, have been refused by the banks, and are considering re mortgaging the house to get some kind of money.

STOP STOP STOP right there!

Asset based funding, invoice financing, all these fancy words actually mean something which, rather than being a terrifying trip into the unknown, and not knowing how much you’ll end up paying in interest, is a simple, stress free, quick way of doing business with the money you already have. What money? The money owed to you by clients tied up in your invoices.

Its that simple. Basically Factors can release that money to you up front, then if you wish they can collect payment from your clients.

Hey presto you have capital! You don’t have to wait up to 90 days, you can buy that new piece of machinery, you can employ another member of staff, you can pay that bill that’s outstanding.

How much is this incredible service? A tiny tiny amount compared to the interest you may pay on a business loan, which, lets be honest are scarce these days.

 

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