Bibby Financial Services (BFS), the UK’s largest independent invoice financier, has extended its trade finance service to include invoice discounting for smaller businesses.
The new proposition will apply to companies with turnover of up to £5 million. BFS already offers invoice discounting on trade finance for corporate businesses with turnover in excess of £5 million.
Phil Tobin, managing director for trade finance at BFS, said: “We have listened to feedback from our intermediary network and this change will enable us to support the needs of commercial businesses that have the ability to manage their own credit control, but need working capital to bridge the gap between paying suppliers and receiving customer payment.”
Trade finance is a funding and support solution for businesses buying goods for resale from within the UK or from overseas suppliers.
It bridges the cashflow gap between paying suppliers and receiving full payment from customers.
Paul Fraser, sales director – specialist at BFS, said: “This is another fantastic example of our support for UK importers and exporters, and will help us to structure yet more excellent facilities for new clients.
“Combined with our Export Finance and Foreign Exchange services, our specialist finance capabilities for SMEs trading overseas are unrivalled in the independent space.”