£100m small business fund launched
A new £100m warchest is available to small firms in Preston from one of the city's biggest business banking centres.
The Yorkshire Bank announced on Thursday part of the invoice finance
cashpot will be available to small businesses from its Financial
Solutions Centre at Tustin Court in Riversway in the city.
Sean Williams, managing partner at the Preston centre, said the money
would ease the pressure on firms suffering late payments from customer
businesses.
He said: "Invoice finance helps businesses to run smoothly by
releasing a proportion of invoiced values immediately. We are sure
that many will want to benefit from the additional funds available and
that it will play an important role in helping both our existing and
new business customers operate in the current climate."
It is offering firms invoice finance, also known as cash-flow finance,
is a sales-driven facility which firms can access online to obtain 85%
of the value of invoices they issue immediately with the remainder
payable when payment is received.
The service means that businesses are not hampered by late payments as
they always have rapid access to funds which reflect their commercial
performance.
Martin Rothera, head of bank's national invoice finance team, said the
found would give small businesses a "competitive edge."
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Weather for Preston
Wednesday 23 May 2012
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