Lloyds Bank supports growing SMEs
Paul Varley, Senior Manager, SME Banking, Lloyds Bank Commercial Banking
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Paul Varley, Senior Manager, SME Banking, Lloyds Bank Commercial Banking UPGRADES to economic growth forecasts, growing consumer confidence and the prospect of a recovery in the Eurozone mean the stars are beginning to align for ambitious Yorkshire SMEs. Firms with expansion on their agenda can take heart from the increasing momentum of the UK’s economic recovery and recent upgrades to growth predictions for 2013 and 2014. And with interest rate rises predicted to remain on hold until 2015 giving an increasingly stable platform on which to plan for the future, the case for investment is gathering weight. But maintaining cashflow is always an important consideration for SMEs, which is why ever-growing numbers have been turning to asset based finance as a flexible way of funding their ambitions without overextending themselves. At Lloyds Bank we remain committed to raising awareness about asset based finance as a form of funding which can free up cash to fund investment or pay overheads by unlocking equity tied up in expensive machinery or outstanding invoices. According to the latest Lloyds Bank Business in Britain survey, almost a third of SMEs in Yorkshire are experiencing cash-flow problems, with 60 per cent attributing this to late payments. And the number of Yorkshire firms experiencing cash-flow difficulties had increased, with 30 per cent reporting problems in July, compared to 26 per cent in January. Growing awareness of asset based funding means many firms will know that Lloyds Bank Commercial Finance can lend against assets like stock, plant or property, helping release money into the business where it is more useful. Yorkshire electrical cable manufacturer Doncaster Cables has grown its product range and plans to target emerging Asian markets after securing a £6.5 million asset based funding package from Lloyds Bank Commercial Finance earlier this year. The bank also takes over the management of the firm’s invoicing and sales ledgers, helping flag up any risks and freeing up time. For businesses with a turnover of £250,000 or more which are looking to remain in charge of their invoice and credit control processes, confidential invoice discounting can provide an alternative. SMEs have been called the lifeblood of the UK economy and Lloyds Bank is absolutely committed to helping them thrive. In Yorkshire, and across the UK, the positive feedback we get from our SME customers gives us the confidence to know that our asset based finance products are the right solution at the right time. SectorsCommentsIf you'd like to leave a comment, please register now for free or login
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