Aldermore’s ‘Kick Start your Cash flow’ campaign launches
Aldermore bank has announced a range of practical and flexible Invoice Finance solutions to support small and medium-sized enterprises (SMEs) with their cash flow needs. Recent research from Aldermore found the pandemic has caused a 30% loss in monthly business income for the average SME, which has impacted their cash flow along with the other challenges they’re facing.
Ross McFarlane Director of Invoice Finance at Aldermore, said: “Whilst the economy has started to open up, and businesses can go back to operating in a ‘new normal’, the COVID-19 pandemic continues to have a profound impact upon the economy and the SME community. The current situation is uncertain, with the threat of further localised lockdowns and concerns over how the closure of the furlough scheme will impact businesses.
“As a result, SMEs face a challenging cash flow dilemma, as they look at different ways to safeguard their business during this period. Invoice Finance offers businesses a practical, flexible finance solution to enable them to protect their cash flow and keep their business operating effectively.
"Aldermore’s ‘Kick Start your Cash flow’ campaign is aimed at supporting SMEs by providing them with simple and flexible access to the finance they need. Our new Invoice Finance offering is now available to SMEs and will be rolled out across our wide network of business introducers through a range of channels”.
Whilst businesses are taking steps to protect themselves, with two thirds (67%) cutting costs and 69% looking for ways to increase their income according to our research, pressures on SMEs are likely to continue as some government support schemes, such as furlough come to an end. For example, our research indicates that 16% of small businesses are using the furlough scheme as a cost-cutting strategy and with recent data from the FSB finding that a quarter (23%) of small businesses have already cut jobs in the last quarter, there are concerns that there will be a surge in unemployment.
Furthermore, a recent BVA SME finance monitor report found that 30% fewer SMEs were using external finance to help with their cash flow needs in the second quarter of 2020, with businesses citing concerns over their ability to repay. Instead, businesses have increasingly turned to different finance options, with 29% using their own personal funds. However, rather than resorting to personal funds, Invoice Finance offers SMEs the opportunity to access finance solutions in a flexible and simple way. For more information about the campaign visit: www.aldermore.co.uk/kickstartyourcashflow