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Hitachi Capital Invoice Finance comment on Government relaxation of Invoice Finance rules PDF Print E-mail
Thursday, 13 August 2015

John Atkinson, Head of Commercial Business at Hitachi Capital Invoice Finance, said: “Finally, a government measure that can really help small businesses.

“Although steps have been taken to try and tackle late payment, it remains a huge problem and continues to stunt business growth. Research conducted among our SME clients has revealed that 30 per cent have invoices settled after 60 days and the worst offenders can take up to 121 days to make payment.
 
“The incoming changes, which are facilitated by the Small Business, Employment and Enterprise Act 2015, will empower SMEs to increase their cash flow by giving them the option to use outstanding invoices as security. Unpaid invoices are the biggest asset some small businesses have and the law has been unfairly stacked against them until now.
 
“Invoice finance can soften the blow associated with late payment, allowing SMEs to plan ahead with greater certainty from a more confident cash position. It is often available to businesses that have been turned down for other sources of finance.
 
“However, while this is a positive step, some SMEs are sceptical that a change in the law alone will be sufficient to alter working practices. Some larger corporates may be reluctant to let go of the power position they hold in trading relationships and some may even look for alternative ways to block invoice finance. It is vital that SMEs fight their corner and seek support from industry bodies to seek a fairer deal.”

(Source - Hitachi Capital Invoice Finance Comment)
 

 

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