Invoice discounting helping firms find 'much needed' finance

04/03/2008

Invoice discounting services are helping small firms in various parts of the world find finance that they desperately need in order operate smoothly in the wake of the credit crunch, it has been claimed.

According to the US-provider of such services Interface Financial Group, there are now fewer sources of funding for small firms than was the case a year ago and as a result these businesses are increasingly looking for alternatives.

The company maintains that the growth of small business into medium-sized enterprises is a job-creating phenomena, which is now to a large extent being funded through invoice discounting and other forms of debtor finance.

"Interface can nearly always provide funding even when the 'bank' has said no," remarked the group's chairman George Shapiro.

"With operations in four countries and over 100 offices servicing the domestic market, Interface is well positioned to respond to the needs of small business," he added.

Last week, the British Bankers' Association reported that its members lent more money to UK businesses in January than was the case in December of last year.