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Yorkshire in gloom

After a rigorous survey of over 70% of  executives in Yorkshire, it appears that although access to business finance has opened up and is more readily available, it starts from the very bottom. Sadly 80% of those surveyed believe that things will not improve over the next few months, especially with the news of a double dip recession. It will be difficult for companies to see the light if this is the case.

The survey targeted 24 business people in the Yorkshire area, which found that 70% had seen an increase in Asset Based Funding and invoice discounting.

The corporate finance partner for Grant Thornton, Ian Marwood said: “The consensus was clear that there has been a positive increase in the amount of debt funding available, but this was from a very low base, and it isn’t believed to be the start of a longer term trend that would see the increases continue.”

“There is an increased reliance on asset based lending, with businesses increasingly looking to leverage debtors, stock and tangible assets, whilst also being very wary of increasing debt in the medium term.

“It is fair to say that there is not a general feeling of optimism about improved prospects for 2012.”

There seems to be a feeling of positivity amongst some businesses and not so positive with others, on a national front, Factoring seems quite healthy and has increased over the past 5 financial quarters, unfortunately when it comes to specific areas, Factoring may have not caught on, or simply business is not booming.

Its been a difficult couple of years, and its possibly going to get harder, but for companies who are still receiving orders for products and materials, they can still gain instant capital by using a Factoring lenders and using the funds tied up in their invoices through Invoice discounting, factoring and selective factoring.

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