Australian SME's Caught in Greek Tragedy
Sydney, NSW (PR Wire – 29May 2012) – The Interface Financial Group (IFG), a growing source of alternative funding for Australian small businesses, announced that it continues to work with small and medium sized enterprises (SME's) experiencing cash flow challenges as a result of the volatile economic situation. IFG provides short-term financial resources including spot factoring to companies in Australia, New Zealand, the UK, Ireland, the United States, Canada, and Singapore.
The uncertainty overseas - particularly in the Eurozone where the difficulties in Greece continue to cause market volatility - is impacting the confidence of Australian businesses. The lack of confidence can cause larger companies to hold onto their cash for longer periods of time as a precautionary measure which has an adverse impact on small businesses who are providing goods and services to these organisations.
David Hechter, chief operating officer for IFG in Australia, said that products such as invoice discounting and factoring were increasing as small businesses braced themselves for longer payment periods. “Small business owners are realising that the longer payment timeframes have become part of the new normality when they are selling to large companies. Even after the situation in Europe settles, small businesses will find that the extended payment terms sought by their customers becomes 'business as usual' and they will need to be able to bridge a longer cycle between when they spend money and when they get paid."
With SME invoice discounting, entrepreneurs can obtain superior benefits as compared to typical bank facilities. For business owners who only have a temporary cash flow need due to an unforeseen event, 'spot' factoring can be particularly useful as the facility can be utilised only when required without a long-term contract carrying break fees. In addition, a factoring or invoice discounting facility can grow in line with the value of the accounts receivable.
With invoice factoring for small business, 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.
The Interface Financial Group
Suite 1, Level 3, 179 New South Head Road
Edgecliff, NSW 2027
T: (02) 9327 7833