Independent lender Time Finance has joined forces with the British Business Bank to challenge long-standing misconceptions about invoice finance through an online seminar taking place this month.
The webinar, Invoice Finance Uncovered: Cashflow Solutions for Growing SMEs, will be held on Wednesday 8 October at 10am as part of the British Business Bank’s Business Finance Week campaign. It will examine how invoice finance can provide both day-to-day cashflow support and a platform for growth.
The event will feature Time Finance alongside the British Business Bank and Hertfordshire-based Soilex, an SME which has a £450,000 invoice finance facility with the lender. The company credits the funding with enabling expansion, recruitment and investment in new equipment.
Ed Rimmer (pictured), chief executive of Time Finance, said: “There are long-held misconceptions that invoice finance is only for struggling businesses when in reality, it is a valuable finance tool for growth. By improving cashflow, invoice finance unlocks investment opportunities and facilitates growth.
“Earlier this year we surveyed 500 SME owners and found 70% are either unaware of invoice finance or actively opt out of using the cashflow solution. Invoice finance isn’t right for every business, but our webinar will help build awareness of how the solution works and its potential role in businesses’ success.”
Gaynor Dykes, director at the British Business Bank, added: “We’re delighted to support Business Finance Week and partner with Time Finance to help break down the myths of invoice finance for UK smaller businesses.
“By dismantling these barriers and sharing digestible insights, we hope to empower more businesses to unlock the funding they need to grow and thrive.”
Alex Collman, founder and managing director of Soilex, said the facility had been vital to the company’s progress. “Invoice finance has always been a valuable funding solution for Soilex. It aided cashflow for us to get off the ground, and it has been a crucial part of our financial planning and growth since.”
Time Finance provides invoice finance facilities of up to £5m, allowing firms to unlock capital tied up in unpaid invoices. The webinar is free to join and open to all businesses.
