Bibby Financial Services IE

Bibby Financial Services IE

June 20, 2012 12:09 ET

Alternative Funding Solutions Available for Irish SMEs

LONDON, UNITED KINGDOM--(Marketwire - June 20, 2012) - The message from Bibby Financial Services to Irish SMEs struggling amid the recession is that there is genuine potential to stabilise and even to grow.

With many not being able to depend on the banks to provide them with appropriate funding, and the drying up of credit magnifying the late payment psyche, small businesses are currently suffering. At best, the result is that hopes of expansion or looking for fresh or new opportunities are diminished, but in an ever-growing number of cases, is ruining any chance of business survival.

Graham Byrne, Director of Bibby Financial Services Ireland commented: "Our SMEs are being left with no choice but to depend on credit cards, turn to family and friends or sell of business equity."

"However, more and more businesses have found effective support in invoice finance, providing them with adequate and flexible funding, not only for survival, but for expansion and growth."

In fact, Bibby Financial Services reported a 27% increase in their client turnover in the last year, tantamount to the viability and success of the invoice finance facility they provide.

Invoice finance explained

Invoice finance enables business access the majority of the cash tied up in their outstanding customer invoices. This helps bridge the cash flow vacuum that exists between raising an invoice and the customer paying the invoice amount in full.

Indeed businesses who opt for leading invoice finance solutions from Bibby Financial Services get up to 85per cent of their invoice each time one is raised and within 24 hours. The remaining balance - minus a small fee - is then released to the business once the invoice has been paid in full by their customer.

As part of the invoice finance package, with Bibby Financial Services businesses can also avail of a comprehensive credit control service, savings valuable management time as all outstanding payable invoices will be chased and collected on the business's behalf, with a focus on maintaining positive relations with their client's customers.

Notes to editors

  • Bibby Financial Services is an independent invoice finance provider, providing cash flow funding for to small and medium sized enterprises businesses across Ireland, help them to grow and realise their potential

  • Their purpose is to support the cash flow position and growth of their clients in both Ireland and overseas - something which they have been doing for over 25 years

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