Financing of invoices a popular option with small businesses to improve cash flow
Sydney, NSW (PR Wire –15August 2012) – The Interface Financial Group (IFG), a growing source of alternative funding for Australian small businesses, announced that the company continues to supportAustralian small and medium-sized entities who are finding access to credit difficult. IFG provides short-term financial resources including single invoice factoring to companies in Australia, New Zealand, the UK, Ireland, the United States, Canada, and Singapore
According to the latest results of the D&B National Business Expectations survey, Australian companies are bullish on sales and profit outlook for the December 2012 quarter, challenging the generally subdued economic sentiment that prevails at the present time. However, 19 per cent of companies also responded that access to credit is the single most significant issue influencing their business in the upcoming quarter which would hamper Australia's SME's from achieving the forecasted growth.
David Hechter, chief operating officer for IFG in Australia said that this issue over access to working capital is driving small business owners to increasingly seek out alternatives to the conventional bank loan. “Gone are the days when you can just walk into your bank with a business plan and walk out with an overdraft. If you do not have unsecured property assets to use as collateral, then obtaining a bank loan will be very difficult which is one reason why the bank results are showing a decline in business credit. Small business owners should be exploring how alternatives such as purchase order financing and factoring can benefit their businesses as a substitute for the overdraft.”
Invoice factoring financeinvolves the purchase of accounts receivable by a factoring company which provides cost effective business funding and allows small businesses to obtain the cash flow required to support their business growth. With the financing of invoices,a credit facility can grow in line with the value of the accounts receivable as opposed to being capped when property is the security.
Invoicefinancing leveragesone of the most under-recognised assets that a small business has -its strong customer base.With selective invoice financing from The Interface Financial Group, 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 includes spot factoring – the purchase of a single invoice or number of invoices. IFG does not require the whole debtor book to be financed.
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.
The Interface Financial Group
Suite 1, Level 3, 179 New South Head Road
T: Toll Free: 1300 957 900