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|COMMENT: FSB finds 50,000 SMEs close a year due to late payments, how can this be fixed?|
|Thursday, 17 November 2016|
Aamar Aslam, CEO of Funding Invoice, the invoice trading platform, comments on the news that 50,000 small businesses close each year as a result of late payments: “The Federation of Small Businesses’ research revealing that the UK economy is losing out on £2.5 billion a year as a result of late customer payments is shocking. These small businesses have been waiting for over 18 months for a Small Business Commissioner to be appointed, to help ease the burden that late payments can - and evidently are - having on our country’s SMEs.
"In the meantime, SMEs should consider their financial support options and look for third party support to help alleviate these cashflow problems before they become fatal to the business. Many small businesses are understandably cautious about upsetting new and existing clients by chasing late payments, but it is clear from these figures that the financial stability of a business must take priority, to prevent further insolvencies in the future.”
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