There is a wealth of alternative funding available for business in the UK market. Many don’t know enough about these funding solutions and some may not want to venture far from traditional business funding such as bank loans.
But for those who are savvy in the art of alternative funding, they will also realise that it’s not just about raising capital to enable your business to expand, alternative funding can be used for a range of financial issues such as writing off debt.
There may be debts owed from clients that are irrecoverable due to the recession, where companies have gone into liquidation or closed down, this causes a slight problem and a big hole in the accounts department.
Factoring and Invoice Financing allows companies to gain credit which is tied up in invoices. It is then paid to them, up front, in around 24 hours.
If you have any outstanding utilities, tax, or council bills, these can be wiped off your list straight away.
Other debts may include suppliers, staff and producers, pay them and everyone is happy.
It is difficult having to balance the books and sometimes that extra bit of cash can help companies incredibly, especially if they are looking to expand and grow the company, make the next natural step.
Some may have business plans to develop marketing and advertising, to help raise the profile of the business and boost profits. Factoring can help with all of these items, after all it is your money, which is owed to you, the only difference is you are accessing it earlier than normal invoice pay dates- up to 90 days.
Alternative funding has provided thousands of businesses with a great solution to gaining cash and has enabled thousands to move on, grow their company and successfully keep afloat in a very difficult period.
Bad debt? Think Factoring and Invoice Discounting.