Bibby Financial Services on the new laws to help SMEs get finance
As you’re probably aware, the government has announced new laws to arm small businesses against unfair contracts that stop them raising money from unpaid invoices – these laws will be put to Parliament today at 4.30pm.
Edward Winterton, UK CEO at Bibby Financial Services, said:
“Invoice finance is an essential means of growth funding for more than 40,000 businesses throughout the UK. However, the Ban on Assignment of Receivables imposed by larger businesses can both limit and prohibit many SMEs from accessing much needed working capital, stifling growth and placing pressure on cashflow. The government’s proposals are a positive development and will undoubtedly support the growth of a wider number of businesses throughout the country, in turn boosting economic growth.”