Who needs invoice Finance?
When would a business need Invoice Finance?
- Start Ups – the ability to acquire funding to grow the business can be really difficult for a start-up. . There are limited funding options. Most people take out personal loans , use credit cards or borrow money from family or friends. Instead of taking out debt, the business can get a cash advance on invoices that are owed and are tied up to 90 days late. One of the key benefits of Invoice Financing is that you do not require collateral (home) to apply, making it a lot safer when needing a cash injection into the business.
- Fast/High Growth – as businesses expand and you pay for materials or pay employees, cash flow stress can occur. Invoice finance can grow in line with business turnover, so as sales grow so can your business and your cash flow. So, rather than turn new business away, the business can access their overdue receivables without having to ask their current bank for a loan.
- Peaks and Troughs – some businesses are seasonally impacted. So when business is at a peak, the business may access funding to keep up with the growth. When business is experiencing lesser growth, invoice finance can help get the business through tough seasonal change.
- Urgent Finances – applying for a business or commercial loan can take time and require the business including shareholders to meet certain criteria. The delays for approval can impact the business. Invoice Finance has a really fast approval process, normally within 24-48hours from time of application.
Now is the time to speak with a Financial Specialist and discuss your current and future financial plans for your business. At Fifo Capital, our experts can help you deal with inflation. Contact FIFO Capital Ireland today.