Invoice finance provider sees 22% growth as firms clamour for cash

SHROPSHIRE finance firm, Hitachi Capital Invoice Finance has announced a 22% increase in the number of small businesses looking to use its services.

The firm said such was the clamour by small firms for finance that during the past five years its client base had grown by 80%.

The firm, based in Telford, is now one of the fastest-growing providers of finance to businesses, having funded £823m of client invoices in 2014, a record number for the company.
 
Steve Smith, managing director at Hitachi Capital Invoice Finance, said: “Finance for small businesses is high on the government’s agenda but many SMEs in the region aren’t waiting around for further support. Those businesses that know their way around the financial market are using alternative simple, affordable and flexible solutions to help relieve cash flow pressures.”   
 
The firm is bracing itself for even higher levels of business after the Asset Based Finance Association (ABFA) predicted that asset-based lending to UK and Irish companies would reach £20bn this year, with 80% of this set to be raised through invoice finance.
 
“Despite this unprecedented growth, we are not standing still as an industry.  Statistics tell us that independent financial providers are supporting more UK businesses than ever,” added Smith.  
 
“We are broadening our services and designing specialist products to meet the specific needs of businesses in the recruitment and manufacturing sectors as well as others. Our aim is to continue growing and we have big plans to create more innovative financial solutions and break into new grounds.     
 
“Many SMEs rely on invoices being paid on time to cover their overheads or invest in growth and our upfront lending facilities provide a transparent and simple solution. By unlocking cash tied up in unpaid invoices, businesses are able to use that finance to invest in a new plant or machinery for example.”