Business funding provider Bibby Financial Services has launched a new invoice finance scheme, Forward Finance, to provide cash-flow to small and micro-businesses in the UK.
With offices throughout the UK, Bibby provides independent funding to businesses in both the UK and overseas and its new scheme will enable businesses to secure up to 90% of the cash tied up in their invoices on the same day that the request is made.
The remaining 10% will then be paid once the invoices are settled minus a typical 3.75% fee and will be available to businesses with a turnover of up to £300,000 with maximum funding requirements of £50,000.
The financial services firm claim its new service will allow businesses to remain in control of their customer relationships and will provide support when they need to chase aged invoices.
It says the launch of its new funding “solution”, which works on a 28 day rolling contract, is in response to the increasing number of micro-businesses in the UK who are looking for more flexible methods of raising finance.