When you look into getting items and services for your business, the goal is to minimize your personal guarantee and avoid touching your personal credit. A personal guarantee makes you and your partners liable if the loan ever defaults. In bad cases, your personal assets could be sold off to pay for a loan. You [...]
Q. I run a recruitment company and struggle to pay temporary staff when I haven’t yet received the money in from the client. My overdraft facility is not easily increased when I need the cash. Is there anything I can do to assist with this?
A. This is a common problem for many businesses, not just [...]
Q. Despite a significant increase in our sales, our bank is refusing to increase our overdraft facility and have suggested that I consider factoring. Please could you let me know whether I should be concerned about what my customers will think?
A. In the UK nowadays, over 40,000 businesses use invoice finance. This sector is currently [...]
Bank of America is one of the world’s largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, online banking, investing, asset management and other financial and risk-management products and services. They are a joint of the Global ATM Alliance, a attachment venture [...]
When that factoring or invoice discounting offer letter hits your doormat or your e-mail account, it may seem that the answer to your cash flow worries has finally arrived. However, in a very competitive market, with more than 90 (very different) providers of receivables finance, it is more important than ever to look beyond [...]
The invoice finance and asset-based lending (ABL) market has become increasingly competitive and therefore increasingly commoditised. With fierce competition among providers, facilities are arguably being sold on price as opposed to structure or quality of service. This is inevitable in a market that is becoming ever more saturated with providers, which at first glance appear [...]
I had been running my first business for almost a year; things seemed to be going well although my bank account looked decidedly unhealthy. I was chuffed that that my business had made a year without going down the pan. It had not been easy; I was working all hours of the day, waking up [...]
As with all ills, prevention is better than cure as they say, and commercial fraud is no exception. Like most crimes though, commercial fraud is viewed as something that happens to someone else.
Unfortunately, the reality is it is often far closer to home than most people realise and, while ignorance may be [...]
Financing your business is one of the most important things you will need to do. Many new businesses fail because of poor financial management. It is critical to your business that you have a sound budget plan and keep good accounting records. When you accept payments online, it is also important to keep at least [...]
When you are applying for a business bank account there is certain information that you must have with you when you first meet your account manager. You must give a representation of the type of business you are running and the business activities you will be undertaking.
Also it is required to give information on where [...]