RELIEF FOR CASHFLOW PROBLEMS

A €100 million “fighting fund” to help Irish small businesses free up credit without  resorting to bank loans or overdrafts has been established by Close Invoice Finance. Invoice financing allows companies to raise cash against their sales ledger, mitigating some of the cashflow problems that affect small businesses as payment terms get longer.
The Sunday Tribune quoted the company’s regional sales director for Ireland, Tony Duffy, as saying that SMEs , in particular, face collapse due to cashflow difficulties. “Close Invoice Finance is interested in the integrity of debt, not the company balance sheet or the rate of growth. We therefore approach businesses in a very different way to traditional lenders.” Part of the merchant banking group Close Brothers, Close Invoice Financing is described as one of the leading cashflow solutions providers in the UK and Ireland.