Bibby Financial Services makes millions available to owners and managers
As the effects of the recession continue to bite and the banking system effectively shuts down in a bid to reduce exposure to risk, one of Ireland’s leading independent invoice finance providers Bibby Financial Services is very much open for business with a significantly enlarged funding facility of €366m (£340m), accessible to businesses across the Republic of Ireland and in the UK to help carry them through the jaws of the storm.
Bibby Financial Services has so far experienced an increase of more than half (53 per cent) of businesses using its invoice finance solutions as owners and managers turn away from the more traditional forms of funding, such as bank overdrafts and short term loans.
This news follows recent survey findings from the Institute of Certified Public Accountants CPA, which highlighted that one out of every two accountants had reported that their clients had experienced problems securing adequate credit from the nation's banks and a massive 91 per cent thought new business start-ups were being hindered by lack of access to start-up capital.
Graham Byrne, spokesperson for Bibby Financial Services said: “At a time when banks are becoming more risk averse and are increasingly turning down funding requests from small and medium-sized firms, it is absolutely essential that business owners are proactive in seeking out and securing a stable funding facility to support their businesses for the foreseeable future. They need to consider all the options available to ensure the right fit for their business in this economic climate. More and more businesses are turning to invoice finance as a more flexible and guaranteed way of supporting their cash flow.
“Bibby Financial Services is in a strong position to be able to help firms improve their cash flow situation and weather the economic storm as it has recently secured a significantly enlarged funding facility. What this effectively means is that unlike many other institutions and banks which are tightening their belts to cope with the current economic climate, Bibby Financial Services’ doors are very much open for business.”
Ennis-based TTM Recruitment, is one such company that called upon Bibby Financial Services to provide a flexible funding solution to help maintain a smooth flow of cash into the business.
Brian Crowley from TTM Recruitment explains: “Invoice finance gives us the flexibility we need to grow our business, in fact since utilising Bibby Financial Services facilities our turnover has doubled, this just wouldn’t have been possible without them. They work very much as part of our team and we view them as our Credit Control Department. The facility gives me complete peace of mind allowing me to concentrate on growing my business without having to worry about unpaid invoices and its effect on our cash flow”.