Small Business Cites Access to Finance as Key Barrier to Growth
Sydney, NSW (PR Wire –08 December 2011) – The Interface Financial Group (IFG), a growing source of alternative funding for Australian small businesses, announced that the company continues to offer support to small businesses who require financing alternatives to conventional banking loans which have become more difficult to obtain. IFG provides short-term financial resources including single and batch invoice discounting to companies in Australia, New Zealand, the UK, Ireland, the United States, Canada, and Singapore.
According to the results of Dun & Bradstreet's most recent Business Expectations Survey, the number of companies who identified the accessibility to finance as an issue in their business doubled since the mid-year results. In addition, the companies who cited the shortage of funding as the most signifcant barrier to growing their business also doubled
David Hechter, chief operating officer for IFG in Australia said that small businesses will need to search for alternative forms of finance. “The banks have been very clear about the impact that the debt crisis in Europe is having on their own access to wholesale funding. As funding becomes more scarce, the credit criteria for the riskier segments - including small business - will continue to tighten. Small business in Australia needs to face up to this challenge and open up to the myriad of factoring companies that specialise in helping this segment with working capital finance.”
By discounting invoices through one of Australia's factoring companies, 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 factoringor invoice discounting facility can grow in line with the value of the accounts receivable.
Factoring 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 one of Australia'sfactoring companies. Withinvoice factoring, 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: Toll Free: 1300 957 900