The Interface Financial Group (IFG)

The Interface Financial Group (IFG)

September 08, 2011 08:38 ET

Invoice Finance Continues Upward Surge

New Figures Show Growth of Factoring & Invoice Discounting is Up by 12%

BIRMINGHAM, WEST MIDLANDS--(Marketwire - Sept. 8, 2011) -

Editors Note: There is a photo associated with this Press Release.

The Interface Financial Group (IFG), North America's largest alternative funding source for small businesses, announced that the company offers support to small businesses that are struggling with raising capital to fund growth prior to economic recovery. IFG provides short-term financial resources including debtor factoring, invoice discounting, construction factoring and invoice factoring to companies in the UK, Ireland, United States, Canada, Australia, New Zealand, and Singapore.

Invoice finance has continued to grow in popularity for both SMEs and larger companies according to a new economic report and quarterly figures from the Asset Based Finance Association (ABFA).

Total advances from funders are £15.7bn, which gives a year on year growth of 12%. This growth comes on the back of continued growth in advances over the past five quarters and shows that UK and Irish firms are increasingly opting to apply for and utilise factoring & invoice discounting over other forms of finance.

The figures also show that clients are not drawing down all the money available to them. A total of £6.5billion of funds that could be utilised was left unused, showing caution by the SME businesses and not over extending themselves.

The statistics also show a growing confidence amongst SMEs as they get comfortable with increasing debt levels. This is supported by total clients' sales growing 14% over the past year to reach £59bn.

Paul Barnsley, chief operating officer for The Interface Financial Group (IFG) said: "This report is great news for funders in invoice factoring and debt factoring as the figures in indicate growing business confidence amongst invoice finance clients, from the SME community along with larger firms. This contrasts markedly with the general negative sentiment concerning the state of the wider UK economy and a general contraction in the stock of lending.

"Firms using invoice discounting or factoring are continuing to demonstrate rising sales and it's really down to us to ensure that they have access to adequate funding. We have all seen client numbers rising in the last quarter, which goes a long way to prove that the invoice finance sector is plugging the gap left by more traditional funding options, but offering a much needed lifeline to many UK and Irish businesses. If we keep working hard & provide the correct service and value for money offering to our client's we will continue to be a significant contributor to supporting the economic recovery in the UK."

About The Interface Financial Group (www.ifgnetwork.co.uk)

The Interface Financial Group (IFG) provides short-term financial resources including invoice factoring (invoice discounting). IFG launched the UK operation in 2010 following the success of its New Zealand, and Australia businesses which launched in 2004, and 2006. IFG's innovative products also includes spot factoring – the purchase of a single invoice or number of invoices. IFG does not require the whole debtor book.

The IFG Network is the funding arm of The Interface Financial Group providing capital and transactional support to IFG's international office network. IFG has grown to over (150) international offices in the UK, the United States, Canada, Ireland, Australia, New Zealand, and Singapore. Each IFG office is managed on a local level, providing immediate service to clients with local knowledge and experience. This makes IFG unique to all other Factoring Companies in the UK. The IFG team has substantial business experience and expertise in numerous diverse areas, including accounting, finance, law, marketing, banking, etc.

To view the photo associated with this press release, please visit the following link:

http://www.marketwire.com/library/20110908-CEO800.JPG.

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