WEST SUSSEX, ENGLAND, December 05, 2008
/24-7PressRelease/ -- The Invoice and Asset Based Lender's study asked accountants to rate the attractiveness of various business finance options among their clients, comparing this year to 2007. The findings revealed that ABL is now attractive to more than half (52 per cent) of their business clients compared to only 2 per cent in 2007. Interest in invoice finance has also grown over the same period from 3 per cent to 29 per cent.
Peter Ewen, Managing Director, Venture Finance comments on the findings: "While the popularity of bank loans has remained static, our research supports the notion that the tightening of business credit is forcing businesses to look around for other ways of raising funds. Clearly, more can be done to educate those businesses that still prefer bank loans to the flexible benefits that invoice finance and ABL can deliver to businesses."
ABL leverages the value of a business' assets, whether they are in the form of receivables, inventory, plant and machinery, property or even brands to release working capital into the organisation. It frees businesses looking to raise capital for an acquisition or refinance from having to rely on a traditional bank overdraft or loan.
According to the Asset Based Finance Association (ABFA), the Asset Based Lending industry is developing fast with of 30 per cent growth in 2007. Venture Finance's own ABL activity supports this, achieving growth of 43 per cent during the same period (in advances against assets other than invoices).
In comparison, according to the British Banking Association, bank overdraft lending to SMEs has declined by more than half since 1992 to under 10bn.
Venture Finance offer
factoring, invoice finance,
invoice discounting and
Asset Based Lending and have 18 years' experience. Visit venturefinance.co.uk to see how we can help.
Facts & Figures:
* We offer up to 50% greater funding than other invoice financiers
* On average, we collect your invoices two weeks faster than the industry norm1
* We are the first and most experienced independent invoice financier authorised to offer the DTI's Small Firms Loan Guarantee Scheme
* Winner of the Credit Today Factor Discounter of the Year two years running4
* 96% Client satisfaction2
* Quality service - twice as many specialist staff to look after each client than certain banks3
* 34% increase in client numbers during 2006
* 3.4billion of client invoices processed during 2006
Source: Venture Finance
Website:
http://www.venture-finance.co.uk---
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