IGF launches single invoice finance offering for SMEs
The new offering, which will be available to clients from 14th February 2015, is designed for SMEs looking to raise working capital against a single invoice.
IGF has introduced Single Invoice Finance partly because cashflow shortages caused by slow payers and extended payment terms pose a serious threat to many smaller companies’ ability to continue trading.
With IGF’s new Single Invoice Finance product, SMEs can benefit from the following features:
SMEs can receive up to 80% of an outstanding invoice in credit
There are no fixed term agreements
It is simple and quick to set up
SMEs will benefit from a personalised approach with a dedicated account manager.
Tracy Ewen, managing director, said, “Despite the economic recovery and the supposed stability we’re all meant to be enjoying, we’re still seeing payment terms across many different sectors increasing. It’s a situation that’s putting a lot of strain on small businesses, particularly those that have a small client base comprised of just a few major contracts. For some firms, a single contract can be worth a quarter or even a third of their turnover, so waiting months for that money to come through can have a serious impact on the business.”
Ewen added, “We work with many SMEs to help them access the cashflow they need to grow and invest by unlocking money tied up in their invoices. This new solution is quite different as it allows any company to simply cash an invoice on a one-off basis, meaning that companies can now take a fully flexible approach to credit. We’re looking forward to working in partnership with clients to deliver effective and flexible cashflow solutions.