YouGov survey – Birmingham SME’s use of Invoice Finance rising

Small to Medium Enterprises (SME’s) in Birmingham accorinding to a YouGov survey are said to be using invoice discounting and factoring to improve access to finance while credit conditions remain tough.

The survey, commissioned by the Asset Based Finance Association, concluded that SMEs in the city had said that Invoice Finance facilities such as invoice discounting and invoice factoring had offered the firms a good source of finance under continuing poor credit availability. Furthermore the majority of firms questioned (85%) said they would recommend the system to other businesses looking to keep their heads above water and avoid cash flow problems.

Whilst many firms were optimistic about the future, many believed they were still being affected by the economic fall-out surrounding the global recession and almost four fifths of those questioned (some 78%) said they did not think they were out of recession yet.

Kate Sharp, chief executive of the Asset Based Finance Association, said: “The picture for many small and medium sized companies in Birmingham is, perhaps surprisingly, one of confidence for the future. While most clearly think the recession is still currently holding, it’s great to see that business sentiment is at least looking more positive further afield.

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