Cash Flow Focus Essential as Small Business Failure Increases
Announcement posted by THE INTERFACE FINANCIAL GROUP 24 Feb 2012
Invoice Factoring Helps Small Businesses Survive
Sydney, NSW (PR Wire –24February 2012) – The Interface Financial Group (IFG), a growing source of alternative funding for Australian small businesses, announced its continued support for the small business sector which has seen a marked increase in business failure over the last twelve months. IFG provides short-term financial resources including selective invoice discounting and spot factoring to companies in Australia, New Zealand, the UK, Ireland, the United States, Canada, and Singapore.
According to a recent analysis from credit reporting agency Dun & Bradstreet, instances of small businesses declaring bankruptcy had increased at an alarming rate of 48 per cent in the last twelve months. Dun & Bradstreet highlighted the difficult trading conditions from the global economic slowdown and a tightening of credit which has negatively impacted cash flow for small businesses.
David Hechter, chief operating officer for IFG in Australia, has pointed out that credit is still available to smaller businesses from alternative sources. “When cash flow becomes a challenge, many small business owners will only approach their bank manager because that has traditionally been the major source of finance for the sector. They quickly discover that if they do not have two years of profitable trading history and cannot use property as security, then the bank will unlikely be able to assist them. We urge all small businesses to explore the alternatives offered by the factoring and invoice discounting industry in Australia which specialises in serving SME's."
By factoring receivables, SME's can realise superior benefits as compared to conventional bank loans. Invoice discounting allows a small business to use the facility only as required without having to be locked in for a particular term. In addition, a factoring or invoice discountingfacility can grow in line with the value of the accounts receivable.
Invoice discounting belongs to the family of debtor factoring products where a company can use its strong customer base as a source of cash flow by selling their invoices to a factoring company. With invoice factoring and discounting, there are no minimums, no maximums, no long-term commitments and no lengthy application process.
About The Interface Financial Group (www.ifgnetwork.com.au)
The Interface Financial Group (IFG) provides short-term financial resources including invoice factoring (invoice discounting). IFG launched the Australia operation in 2006 following the success of its New Zealand businesses which commenced in 2004. IFG's innovative products also include spot factoring – the purchase of a single invoice or a selective batch of invoices. IFG does not require the whole debtor book for funding.
The IFG Network is the funding arm of The Interface Financial Group providing capital and transactional support to IFG's international office network. IFG has grown to over (150) international offices in Australia, UK, the United States, Canada, Ireland, New Zealand, and Singapore. Each IFG office is managed on a local level, providing immediate service to clients with local knowledge and experience. This makes IFG unique to all other factoring companies in Australia. The IFG team has substantial business experience and expertise in numerous diverse areas, including accounting, finance, law, marketing, banking, etc.
W: http://ifgnetwork.com.au/
Headquarters:
The Interface Financial Group
Suite 1, Level 3, 179 New South Head Road
Edgecliff, NSW 2027
T: Toll Free: 1300 957 900
According to a recent analysis from credit reporting agency Dun & Bradstreet, instances of small businesses declaring bankruptcy had increased at an alarming rate of 48 per cent in the last twelve months. Dun & Bradstreet highlighted the difficult trading conditions from the global economic slowdown and a tightening of credit which has negatively impacted cash flow for small businesses.
David Hechter, chief operating officer for IFG in Australia, has pointed out that credit is still available to smaller businesses from alternative sources. “When cash flow becomes a challenge, many small business owners will only approach their bank manager because that has traditionally been the major source of finance for the sector. They quickly discover that if they do not have two years of profitable trading history and cannot use property as security, then the bank will unlikely be able to assist them. We urge all small businesses to explore the alternatives offered by the factoring and invoice discounting industry in Australia which specialises in serving SME's."
By factoring receivables, SME's can realise superior benefits as compared to conventional bank loans. Invoice discounting allows a small business to use the facility only as required without having to be locked in for a particular term. In addition, a factoring or invoice discountingfacility can grow in line with the value of the accounts receivable.
Invoice discounting belongs to the family of debtor factoring products where a company can use its strong customer base as a source of cash flow by selling their invoices to a factoring company. With invoice factoring and discounting, there are no minimums, no maximums, no long-term commitments and no lengthy application process.
About The Interface Financial Group (www.ifgnetwork.com.au)
The Interface Financial Group (IFG) provides short-term financial resources including invoice factoring (invoice discounting). IFG launched the Australia operation in 2006 following the success of its New Zealand businesses which commenced in 2004. IFG's innovative products also include spot factoring – the purchase of a single invoice or a selective batch of invoices. IFG does not require the whole debtor book for funding.
The IFG Network is the funding arm of The Interface Financial Group providing capital and transactional support to IFG's international office network. IFG has grown to over (150) international offices in Australia, UK, the United States, Canada, Ireland, New Zealand, and Singapore. Each IFG office is managed on a local level, providing immediate service to clients with local knowledge and experience. This makes IFG unique to all other factoring companies in Australia. The IFG team has substantial business experience and expertise in numerous diverse areas, including accounting, finance, law, marketing, banking, etc.
W: http://ifgnetwork.com.au/
Headquarters:
The Interface Financial Group
Suite 1, Level 3, 179 New South Head Road
Edgecliff, NSW 2027
T: Toll Free: 1300 957 900