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Transport Finance
Transport Finance with Grow Funding
The transport industry moves fast, and timing is everything. But so is the cost of wages, fuel and vehicle maintenance. Transport businesses are always looking for more lucrative jobs and this is where invoice finance can really help.
Once a job is completed the cash tied-up is needed for the next job, so having to wait 30/60/120 days to receive that money can really put a stop on things. But not with an invoice finance facility. Receive up to 95% of that tied-up money with 24 hrs and start investing it into the next job or vehicle.
With more cash flow available the faster your transport company can keep growing. There are two finance options available to you. Invoice discounting and invoice factoring! The difference? one allows you to stay in control of your credit control team and the other can be outsourced with the lender themselves. Some of our transport companies have saved money by allowing the lender to take on this task and their teams are trained to a professional level. However, some of our transport companies do not want their customers to know they are using an invoice finance facility and that is okay, as a confidential solution can be requested. Some of our Grow Funding customers have returned to us and we have also arranged vehicle finance, this is achieved by financing the new or pre-owned vehicle with asset finance.
If you have more unanswered questions about invoice finance or asset finance and would like our help, please get in touch today. Our friendly team at Grow Funding are here to help.
Asset finance is a type of lending that enables you to access business assets such as equipment, machinery and vehicles without having to buy them upfront. It can also allow you to release cash from the value in assets you already own or use your existing assets as security against a business loan from an asset finance lender.
Business asset finance is typically attractive to businesses who want to put their growth plans into action but don’t necessarily have the ready cash, or business owners who would rather spread large costs over a longer period.
Short-term asset finance also enables businesses to remain competitive by making it easier for them to access the latest technology. Asset finance is a broad category that relates to valuable items in your business.
Here is one of our case studies of asset-based invoice finance –
Case Study - Feb - 2019
Invoice factoring for Essex based building company
This company had been awarded a large value contract with a London borough council to install new kitchens and bathrooms into their residential council properties. With limited funds in the bank to cover the cost of labour and materials, Grow Funding arranged a suitable Invoice factoring facility to allow the business to release cash tied up in their outstanding invoices. This means going forward at the point of them giving the invoice to the council they can factor the invoice to provide them with cash in the bank to cover their cash flow needs. An initial facility size of £165,000 was set up with view to this growing over time.
The Advantages:
• Credit insurance to protect you against bad debtors
• The funds are secured and valued against your assets
• Funds can be used for any business needs
• There is the possibility of being flexible in comparison to loans and overdrafts
Grow Funding ltd - 70 Goring Road - Goring by sea- Worthing - West Sussex - BN12 4AB
01903 660091
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