Most businesses extend credit to their customers and extending credit requires finance. Unless a business has the cashflow to support the difference in timing between the cash it collects and the cash it has to pay out, it can be in trouble.
One option for those selling goods or services on credit is factoring or invoice discounting
If you are in the right kind of business this can produce an immediate and dramatic improvement in your cashflow, while reducing or eliminating altogether your reliance on overdraft finance. See our guide to debt factoring and invoice discounting.
Also read the Institute of Credit Management checklist and top tips about factoring and financing options (pdf 662KB).
Further informationBusiness Link's information library gives you instant access to information and tools to help you tackle key business issues. View our full range of guides to help with preventing late payments.
Access to help and support
There is a range of support available for businesses in the North West and you can search our business support directory to find solutions for your business.
If you would like to talk about factoring and financing options and how we could support your business, call the business broker team on 0845 00 66 888 or use our contact us form.