Positive launches £10m fund for Birmingham SMEs

INVOICE financier Positive Cashflow Finance has launched a £10m fund to support the local SME community.

The funding will be available to businesses with a turnover of between £100,000 and £10m and can be used to replace bank funding lines in order to support the working capital and cashflow of a business.

As many businesses continue to find it difficult to access finance from traditional bank sources, alternative sources of funding are increasingly being used. Invoice finance enables a business to secure funding against unpaid invoices.

Phil Chesham, sales and marketing director at Positive, said: “Small and medium-sized businesses are in desperate need of suitably-priced funding to provide financial stability, particularly as the banks remain nervous to lend and have one-eye on their capital ratios.

“By ring-fencing this fund, we have a great opportunity to make a real difference to Birmingham’s business community by helping its SMEs maintain steady cashflow. The funding can also be used to encourage entrepreneurs to pursue their growth ambitions and avoid standing still in a difficult market.”

The news follows the appointment of Paul Varley as the firm’s regional sales manager in Birmingham.