A new source of help for small and medium enterprises across the country was introduced yesterday when Treasury Minister Lord Sassoon launched a comprehensive on-line directory of finance companies providing alternatives to conventional bank loans or overdrafts.
Businesses may need finance for a variety of reasons, including short-term cash flow or working capital, asset purchases, business development, the purchase of stock, and the financing of imports or exports. Research shows that most small businesses have some awareness of the types of commercial finance available, but often do not know where to find them.
The Small Business Finance Directory covers leasing and hire purchase, commercial mortgages, asset-based finance, invoice discounting and factoring. It allows businesses to search finance providers and brokers by postcode. There are nearly 1,000 sources of finance listed and the directory is simple and free to use.
It is available at www.smallbusinessfinancedirectory.co.uk.
The directory was developed by the Finance and Leasing Association and the National Association of Commercial Finance Brokers with the support of the Asset Based Finance Association.