Invoice finance provider hits £100m milestone
Inspiration
A provider of invoice finance solutions has hit the funding milestone of lending more than £100m to UK businesses.
Advantedge provides flexible loan facilities of up to £2m to support the growth of ambitious SMEs.
The £100m milestone was achieved in July against the backdrop of a challenging 18 months for businesses due to the coronavirus pandemic.
With confidence now increasing among UK businesses, Advantedge is continuing to see high demand for invoice financing, forecasting a year end growth of 6% in new clients over 2019 levels.
Invoice financing is a way for businesses to borrow money against the amounts due from their customers.
The company was recently acquired by US-based eCapital Corp, a leading provider of speciality lending solutions in North America.
David Tilling, CEO of Advantedge, said: “It’s a real milestone for the team, who are passionate about being there to support our clients.
“We truly understand our clients and their customers, and we all go the extra mile to ensure we do what we can to provide the availability of funding required to support our clients’ as they deal with the challenges and demands of doing business.
“It’s a recognition of our visibility during the last 18 months, making ourselves available to businesses to discuss funding options.
“Despite the Government support measures, we’ve seen a continuing upward trend in business since the end of Q2 2020 demonstrating the resilience of UK Business as they have fought to keep their businesses trading.”
Key takeaways:
- Invoice financing has been a popular funding option for businesses looking to manage cashflow more effectively during COVID-19
- Invoice finance should only be considered if you have adequate sales volumes and should not be seen as a permanent solution
- If you're trying to find money to support the aspirations of your business, head over to the UMi platform: https://www.weareumi.co.uk/webapp/finding-money/managing-money/