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|New Business Finance Guide key to addressing the information gap says the ABFA|
|Friday, 17 June 2016|
The new Business Finance Guide – a journey from start-up to growth, is key to addressing the information gap as well as the finance gap for businesses across the economy says the Asset Based Finance Association, the body representing the asset based finance industry in the UK and the Republic of Ireland.
Launched today by the British Business Bank and ICAEW Corporate Finance Faculty, in association with the ABFA and partners across the business finance industry, the new Business Finance Guide is in hard copy but also with an interactive website platform that will considerably improve usability for UK businesses and make it easier for businesses to identify the funding solutions that are most appropriate for them.
The launch of the second edition of the Business Finance Guide comes as the ABFA announces that the amount of asset based finance advanced to UK and Irish businesses stood at £19.3bn at the end of the first quarter of 2016, up 2% on the previous year*.
The latest figures also show a significant increase in the funding advanced to the smallest clients (those with annual turnovers below £500k), with the industry advancing £784 million in total to these businesses at the end of Q1 (an average amount advanced of around £57,000 per client).
This was up 14% on the previous Quarter (average advance of approximately £50,000) and up 43% year-on-year (Q1 2015 saw an average advance to the smallest clients of around £40,000).
Commenting on the launch, Jeff Longhurst, Chief Executive Officer of the ABFA, says: “The new edition of the guide will provide a significant boost to UK businesses looking to secure finance. Working capital remains a key requirement for UK businesses and asset based finance is a vital part of the funding mix. So we’re delighted to be working closely with the British Business Bank, the ICAEW and such a wide range of stakeholders on these issues.”
“There is a finance gap for small businesses, but just as importantly, there is also an information gap. It is essential that information about the types of finance that are available is fully accessible to the businesses that need it.”
“The new Business Finance Guide is an essential resource, bringing information on the full range of debt and equity finance types, including asset based finance, together with details of where support and advice can be found. It is required reading for all businesses, from bright idea, to start-up, to scale-up and on to growth.”
“The guide continues the work of the British Business Bank in aiding UK businesses looking to find finance, and will help to lower the barriers to affordable finance for businesses of all sizes. We look forward to continuing to work with the British Business Bank, government and stakeholders in providing finance solutions for UK businesses.”
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