Bibby Financial Services launches 100% Initial Pre-payment on invoice finance
Bibby Financial Services (BFS), the UK’s largest independent invoice finance provider, has launched 100% Initial Pre-payment (IP) for commercial businesses. Dave Golding, UK sales director at BFS says the move is in response to demand from clients and intermediaries alike.
Dave said: “As a relationship based funder, we highly value the feedback we receive from our intermediary partners and the 7,000 UK businesses we support. “Many of the intermediaries we partner with are looking to offer clients higher levels of funding for growth and stability. In response, we’ve adapted our proposition accordingly, enabling us to advance higher amounts to finance both ongoing cashflow needs and growth aspirations.”
The initiative is available with immediate effect on factoring, invoice discounting and export finance facilities for qualifying commercial businesses with turnover between £300,000 and £5m.
Dave continued: “This is a significant development in the market and will allow intermediaries and business advisors to bolster their support for UK businesses.
“Some providers offer up to 90% initial payment with additional bridging loans to make up the difference but from today, for commercial contracts, intermediaries will be able to offer their clients up to 100% of their sales ledger value without having to arrange separate facilities.
“To illustrate the benefit, for qualifying businesses with turnover of £3m that wanted to access 100% of their sales ledger instead of 90%, our initiative will unlock an additional £300,000 of funding per annum. This will allow businesses to take on larger orders, recruit staff and improve cashflow for future growth.”
In June, the funder had its best month on record since 2012, welcoming more than 130 new clients and advancing more than £430m.
“2016 has been a fantastic period of growth for BFS as we have continued to increase the support we provide to UK PLC. I’m delighted to announce that we can now advance up to 100%, demonstrating that we’re open for business and ready to further enhance our services for intermediaries and clients”, Dave added.