Invoice Finance Company’s lending record shows how companies are looking beyond banks for funding

In an environment where banks are being criticized for not meeting small business lending targets and recent research from the Business Finance Task Force reveals that certain types of small businesses are less likely to be offered what they want, a company providing a different type of business financing announced record advances and record profits.

Milton Keynes, England (PRWEB UK) July 29, 2011

In an environment where banks are being criticized for not meeting small business lending targets and recent research from the Business Finance Task Force reveals that certain types of small businesses are less likely to be offered what they want, a company providing a different type of business financing announced record advances and record profits.

Calverton factorsbased in Milton Keynes, is an independent company providing Invoice financing facilities for SMEs. This is where a business is offered up to 90% of the value of their invoices when they are issued, rather than waiting to be paid, so they can have immediate funds in the bank. .

In the year to April 2011, Calverton increased advances to customers by 21% and reported record pre-tax profits of £656,000, up 51% on the previous year.

Comments Calverton Factors Director Mark Byrne: “As credit is more difficult to find for SMEs, these figures show that we are still keen to help young and growing UK businesses. I believe this is a time of opportunity for the invoice finance industry and for Calverton Factors, and that 2011-12 will be another year of growth for the business.

“These excellent results are due to the hard work and commitment of our staff. Calverton Factors provide a very personal service to our customers; this means that our customer retention is one of the best in the industry. Good personalized service depends on good people and our commitment to providing our customers with the best service is embedded in our culture.

Antony Meade, Finance Director of Family Matters Fostering Ltd and Calverton customer, comments: “I have worked with Calverton Factors since April 2001 and find invoice factoring gives me real value for money. When I recently set up another company that by nature benefited from factoring (as the local authorities they deal with are unfortunately slow to pay), the new account was up and running within days. Cash was not a problem.

“Over the past thirty years I have worked with a number of large and small banks and factoring companies in various business areas. Not all banks are the same – and not all bill finance companies are the same either. Calverton has provided us with the same level of commitment and service for over ten years now – and I can’t say I’ve experienced this level of consistency with any other financial institution I’ve ever dealt with. I have always found them to be quick, courteous, efficient and, above all, flexible! »

The success of Calverton factors coincides with an increase in lending secured by assets, such as a company’s invoices. According to the latest figures from the Asset Based Finance Association, while traditional bank lending to small businesses continues to decline, invoice finance and other asset-backed lending grew 9% in the first quarter of 2011.

Calverton Factors subsidiary Calverton Business Support, which provides administrative support including payroll management and invoice issuance, also saw record levels of activity with revenue up 55% and profit before tax up 53% on the previous year to £120,000.

The company specializes in administrative support for the recruitment industry and has just launched a revolutionary online system to alleviate the workload of owner-managed recruitment companies.

Comments from Suzanne King of Calverton Business Support: “This has been another year of growth for Calverton Business Support. Our new PROM (Payment and Recruitment Online Management), an online system designed to make payments and payroll processing even faster, has been a great success and we continue to see strong growth in our recruiting customers.

For more information on invoice financing or back-office support, please visit http://www.Calvertonfactors.co.uk or call 01908 268888.

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For the original version on PRWeb, visit: http://www.prweb.com/releases/prweb2011/7/prweb8675015.htm

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