Select Factoring offers a wealth of funding solutions to the whole of the UK but today we’re focusing on the West Midlands.
Birmingham, the UK’s second biggest city, a hub for industry production and business. Boasting car manufacturing and metal production, the West Midlands grew around its capital and now hosts some of the biggest corporate companies in the UK.
This particular area took a big hit during the past few years, many companies closed down, liquidated and went into administration. It was a sad and fearful time, but for those in that situation currently, don’t despair there is hope and it comes in the form of alternative funding.
For those companies still struggling to trade, if you have invoices that need to be sent to clients but are aware that they may not be paid for up to 3 months, there is a solution. Using factoring or invoice discounting, companies can use the capital tied up in invoices and bring forward the payments.
This means any outstanding bills or staff payments can be made in the near future rather than 3 months down the line, which can create bad feeling and also give companies bad credit.
Invoices used to gain capital can offer a quick financial fix and factoring lenders can offer you services whereby they continue to chase clients for payment.
There are so many funding solutions for the West Midlands, unfortunately Factoring and invoice discounting isn’t the first option that companies think about when needing to gain funding.
Although not a new form of funding, Factoring and Invoice Discounting still remain one of the last options, mainly because many people don’t know enough about it or they are scared of using a new way to fund business.
In short, it’s quick, it’s simple and its cost-effective. Consider Factoring if you need capital.