Aldermore, a new British bank, has launched a
fixed fee factoring package aimed at small businesses to manage
cash flow.
The Aldemore Business Confidence (ABC) fixed
fee factoring package enables small businesses with a turnover of
up to £500,000 ($782,370) to access and utilise cash tied-up in
unpaid invoices.
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Ian Wilkins, group managing director of
Commercial Finance at Aldermore, said:
“The objective behind the launch of ABC is to
provide small businesses with a completely transparent, fixed fee
finance package which will help boost their cash flow and give them
greater budgetary control.”
He added:
“A number of surveys have indicated that many
small business owners are confused about the cost of invoice
finance facilities, making them unwilling to investigate further
the benefits of factoring. This new package takes away all the
concerns regarding fees and charges, as they are included in the
simple fixed monthly fee.”
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By GlobalDataThe launch of the package comes at a time when
Project Merlin, a commitment by the UK’s four biggest banks (HSBC,
Barclays, Royal Bank of Scotland and Lloyds Banking Group) to lend
more money to small businesses.
But Wilkins said:
“Although the Project Merlin banks are
pledging to lend £190bn this year, big
businesses will be the overwhelming winners with
£114bn bypassing SMEs altogether. ABC is targeted at the
smallest businesses that often struggle to secure competitively
priced finance and are put-off by hefty fees. We believe this
package will make a big difference to thousands of small
firms.”
