NACFB has issued a press release stating that a recent survey of it’s members showed that asset finance and leasing funding doubled in the last year to £2billion whilst invoice finance declined very slightly.
Whilst many of the more active brokers in the factoring and invoice discounting fields are not members of NACFB and therefore their own figures have not been included, the general trend does seem to be borne out by the ABFA statistics.
The NACFB’s Chief Executive, Adam Tyler, commmented: “We have continued to see the SME community struggling to raise funding and being faced with increased costs.”
“Despite many lenders’ protestations that they are lending more than ever, these figures reveal what anecdotal evidence has already shown: that funding for businesses is still hard to access, but it has improved if you know where to look.”
These sentiments are not unusual and the alleged difficulty in raising funding for the SME sector has been mentioned quite frequently.
Whilst overdraft funding is more difficult to arrange than in the past the vast majority of invoice finance lenders are finding the opposite problem as they are all actively looking for customers but it’s the customers who are few and far between as it seems that companies just don’t want to commit themselves to funding for expansion.