Recent figures from the Asset Based Finance Association (ABFA) show increasing numbers of smaller businesses turning to invoice finance, against a backdrop of some tentative signs of economic recovery.
The latest figures see smaller firms (turnover up to £500,000) increasingly using asset based finance. Client numbers in this bracket increased by 439, or 3%, in the past quarter alone. In total over 15,000 of the smallest businesses in the UK and Ireland are supported by asset based finance, using the products for working capital and to fund growth. This is the highest figure for these smallest firms for nearly three years.
Overall the asset based finance industry and the clients it supports have demonstrated encouraging growth. Total sales from businesses using the products are up 9% compared to the same period last year.