Asset-based finance advances have also seen modest growth in the past year, as SMEs wanting to capitalise on expansion opportunities have turned to factoring or invoice discounting for a quick cashflow boost.
saying they would recommend us to other businesses over the past three years. In light of these factors, we expect 2011 to be another successful year both for asset finance and economic recovery as a whole and we look forward to working with new and existing customers which are looking to invest in their future growth.
Simon Featherstone Managing Director
Simon Featherstone
Approximately 44,000 businesses are currently using asset-based finance products and the most recent (Q2) statistics from the ABFA show that Lloyds TSB Commercial Finance has maintained its leading market share of 23.9% in terms of client numbers. To further highlight our commitment
to supporting firms, we recently launched a pioneering introducer charter for lawyers, accountants and brokers. This pledges to provide a refund towards cashflow forecast costs, and to keep our business introducers fully updated on the status of negotiations at all times. In addition, we have ensured an even
greater number of companies have access to finance by participating in the Enterprise Finance Guarantee (EFG) scheme with the government’s Department for Business Innovation and Skills. This makes additional loans of between £10,000 and £1m available to SMEs with an annual turnover of between £250,000 and £25m.
Lloyds TSB Commercial Finance has also made a significant investment in developing a comprehensive national network of over 300 regional sales and client managers from 12 regional centres. This local presence combined with an underwriting mandate allows us to work closely with our clients and advisor contacts to facilitate quick and consistent service. These commitments to providing the highest levels of client service have contributed to almost 90% of our customers
92 November/December 2010 David Totney
see it as key mechanism for developing our international offering. We keenly anticipate our annual report for 2011, when we will hopefully have some substantive and meaningful feedback for you.
David Totney Director
Venture Finance
It now seems increasingly likely that the economic recovery will be a drawn-out and complex affair. Despite growth in several sectors, the UK economy is not yet firing on all cylinders and our latest annual credit check survey revealed that, according to 60% of UK accountants, traditional bank finance is barely available to the nation’s businesses. From a growth point of view, this is worrying
Business Money
Santander Invoice Finance The team at Santander Corporate Bank – Invoice Finance, are delighted to have become members of the International Factors Group and are excited by the opportunities we expect to encounter as well as the friends, new and old, around the world that we will have a chance to work with. As we only joined in the last few months it would not be meaningful for us to produce a full annual review at this stage, however, we are just beginning our familiarisation with IFG and
almost a year after we officially came out of recession, and highlights the transformed funding landscape since the banking crisis of 2007/2008.
Peter Ewen
More than ever, it is now vital that SMEs shop around for the best funding options, and take the time to understand what is available. SME’s are facing unprecedented challenges in an environment none of them have experienced before and confidence in traditional funding has been shaken to its core. Of accountants, 80% in our Credit Check survey said that their clients had lost faith in traditional funding and I believe the issue of creating, maintaining and nurturing relationships in all financiers is fundamental. Trust, sustainability and reliability should also be key considerations for SMEs seeking finance today.
Invoice and asset-based lending satisfies all these criteria, and can play a pivotal role in helping SMEs to meet the recovery with strength. At Venture, we pride ourselves on our record of consistent service to clients, making funding available throughout the recession and recovery period. This is reflected in our business performance in 2010, which to the end of September showed a 6.5% increase in new clients and healthy overall growth – such as a 37% increase in turnover for our bad debt protection products. Venture Finance is determined to play an active role in shaping the debate about how best to fuel the recovery. To this end, we recently staged a think tank with leading industry figures to discuss the subject of financing Britain’s growth, and a white paper based on the event will be published soon. Co-operation within the industry is another way in which we can help the cause, and I was delighted recently to be elected
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