Yorkshire Bank’s £100m for invoice finance

YORKSHIRE Bank has set aside £100m to help small and medium-sized  firms with cashflow difficulties through the recession.

The bank is pumping the monye into its invoice finance team, which operates nationwide and has seven North West centres.

Martin Rothera, head of Yorkshire Bank’s national invoice finance team, said: “By making this new invoice finance fund available, we are helping successful businesses secure their future and get one step ahead of their competition.”

Brian Colquhoun, regional director for Yorkshire Bank in the North West, said: “Tougher economic conditions traditionally lead to pressure on cashflow for small to medium sized businesses, compounded by a tendency among their customer businesses to delay payments, usually because they face similar difficulties.

“Invoice finance helps businesses to run smoothly by releasing a proportion of invoiced values immediately.

“We are sure that many will want to benefit from the additional funds available and that it will play an important role in helping both our existing and new business customers.”

In the North West, Yorkshire Bank has financial solutions centres in Manchester, Liverpool, Preston, Lancaster, Bolton, Blackburn and Cheshire.

Invoice finance is a sales-driven facility which enables business to obtain up to 85% of the value of invoices they issue immediately with the remainder payable when payment is received.

The service means that businesses are not hampered by late payments as they always have rapid access to funds which reflect their commercial performance.