Cash Flow Challenges for SME’s amid Greek Drama
Sydney, NSW (PR Wire – 29 June 2012)– The Interface Financial Group (IFG), a growing source of alternative funding for Australian small businesses, announced that the company offers support to small business owners who are finding it increasingly challenging to obtain finance to support their businesses as a result of the ongoing business challenges caused by the ongoing global economic uncertainty. 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
This past month the outcome of the Greek election temporarily calmed investor nerves, however this proved to be fleeting as bailout funds were requested by Spain and Cyprus causing further erosion of confidence amongst investors. For small businesses in Australia, Europe may be thousands of kilometers away, but the ramifications for the business outlook here at home are still significant. Unfortunately, access to cash flow remains a key concern as large companies respond to the uncertainty by taking longer to pay their bills.
David Hechter, chief operating officer for IFG in Australia said that small business owners are moving aggressively to establish finance facilities that will ensure that they have access to cash flow. “We have seen a significant shift in the mindset of Aussie small business owners in putting their financial house in order. Twelve months ago, many small businesses were hoping access to capital would simply improve. They now realise that hope is not a strategy and that they must have alternative sources of funding – such as invoice discounting – to ensure they can continue their growth.”
An invoice discounting facility involves the purchase of accounts receivable by a factoring company which provides cost effective business funding and allows small businesses to finance growth without a loan. 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, the facility can grow in line with the value of the accounts receivable.
Invoice discounting belongs to the family of debtor finance products where a company can use one of its most valuable assets – its strong customer base – as a source of cash flow by selling these invoices to a debtor finance company. With invoice 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 includes spot factoring – the purchase of a single invoice or number of invoices. IFG does not require the whole debtor book.
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: Toll Free: 1300 957 900