IFG Network UK Limited

IFG Network UK Limited

December 10, 2010 07:01 ET

Wrong Business Growth Finance

-Accountants think SME's are wrong on finance choice-

BIRMINGHAM, WEST MIDLANDS--(Marketwire - Dec. 10, 2010) -

Editor's Note: There is a photo accompanying this press release.

The Interface Financial Group (IFG), North American 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 invoice discounting or single invoice factoring to companies in the United Kingdom, Ireland, United States, Canada, Australia, New Zealand, and Singapore.

Over half of accountants believe UK SMEs are using the wrong finance for sustainable growth and that traditional bank finance is still barely available to UK SMEs.

In a recent survey, when asked about different sources of finance, accountants state that unsecured company loans are barely available or unavailable to eligible businesses. 30 percent also believe that business angels are now less accessible as a source of funding.

Paul Barnsley, chief operating officer for IFG-UK said, "In the new funding landscape, it is clear businesses need to re-examine their financial 'menus' and focus on the options that are going to help them meet the recovery with strength. Trust, sustainability and reliability should all be key considerations for SMEs seeking finance today."

Invoice factoring is not a loan rather it is the purchase of financial assets, or receivables, from a factoring company. Factoring differs from traditional bank loans in that bank loans involve two parties, while factoring involves three parties. Banks base their decisions on a company's credit worthiness, whereas factoring is based on the value of the receivables. With invoice factoring, there are no minimums, no maximums, no long-term commitments and no lengthy application process.

IFG's factoring products can assist businesses on cross border transactions as well as UK ones, so businesses exporting to the Ireland, The US, Canada, Australia New Zealand and Singapore can also benefit.

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.

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