BIRMINGHAM, WEST MIDLANDS — (Marketwire) — 10/17/11 — Editors Note: There is a photo associated with this press release.
The Interface Financial Group (IFG), North America-s largest alternative funding source for small businesses, announced that the company offers support to small businesses that are struggling with raising capital to fund growth prior to economic recovery. IFG provides short-term financial resources including , , and to companies in the UK, Ireland, United States, Canada, Australia, New Zealand, and Singapore.
The Bank of England has reported that small businesses will see the cost of credit increase further this year despite the banks expecting corporate demand to fall.
The Bank said its third quarter credit conditions survey painted a “somewhat gloomier picture for credit demand” from the corporate sector.
It also revealed for the first time that “some” banks are now routinely taking a view on the credit risk of industry sectors rather than lending on an individual company basis, as all the dominant business lenders claim is standard practice. “Some lenders noted that uncertainty surrounding future growth prospects had led to differentiation between industries perceived to be more or less risky in the current economic environment,” the Bank said.
Paul Barnsley, chief operating officer for The Interface Financial Group (IFG) said: “It is slightly frustrating to read this report as it-s quite clear that the SME community needs help & support with funding. Those businesses that we see embrace alternative funding solutions like or don-t have the issues as those who try the traditional route. The biggest problem is the lack of awareness of the invoice finance market and how to use or wisely.”
“Firms should not view or as options of last resort, this view is out dated and wrong. The flexibility offered by funders in this arena is grossly misunderstood and evidence shows that used properly can help businesses grow.”
The lenders blamed “tight wholesale funding conditions” rather than the cost of additional capital requirements and regulations for the planned price rises.
Small businesses that secured new loans over the summer had to accept “more stringent” loan covenants and collateral requirements and these were expected to become tougher still in the fourth quarter.
The findings will raise doubts that the main high street banks will hit their gross lending targets under the Coalition-s Project Merlin agreement.
Paul added, “I urge businesses to broaden their horizons and research the market. They will find that the funders will embrace them and offer a range of solutions for them.”
About The Interface Financial Group ()
The Interface Financial Group (IFG) provides short-term financial resources including (invoice discounting). IFG launched the UK operation in 2010 following the success of its New Zealand, and Australia businesses which launched in 2004, and 2006. IFG-s innovative products also includes spot factoring – the purchase of a single invoice or number of invoices. IFG does not require the whole debtor book.
The IFG Network is the funding arm of The Interface Financial Group providing capital and transactional support to IFG-s international office network. IFG has grown to over (150) international offices in the UK, the United States, Canada, Ireland, Australia, New Zealand, and Singapore. Each IFG office is managed on a local level, providing immediate service to clients with local knowledge and experience. This makes IFG unique to all other Factoring Companies in the UK. The IFG team has substantial business experience and expertise in numerous diverse areas, including accounting, finance, law, marketing, banking, etc.
To view the photo associated with this press release, please visit the following link: .
Contacts:
Media Contact:
David Pearce
Director
0845 834 0332
Headquarters: The Interface Financial Group
31 The Old Wood Yard
Hall Drive
Hagley
Worcestershire
DY9 9LQ