Midlands business helps RBS achieve £1bn asset-based lending landmark

RBS Invoice Finance has announced it has reached the £1bn mark for asset-based lending (ABL).

Figures released by the bank reveal a number of UK sectors are using ABL loans. These  include manufacturing (£346.9mi), construction & plant (£204.9m), retail and distribution (£122.3m) and other services such as print and packaging (£117.5m).

David Chick, head of corporate for RBSIF in the Midlands, said the demand for ABL is rising.

“ABL takes a holistic view of the client’s business and is therefore better placed to support the various phases and cycles that businesses experience,” he said.

“As well as accounts receivable, many businesses have a considerable amount of capital tied up in other assets, such as inventory, plant and machinery and property.

“ABL liberates the cash held within these assets, thereby giving fast access to substantial sums of working capital.  ABL allows you to borrow against these other assets – as well as against your sales ledger.”