The Importance of Alternative Funding for SMEs

Speaking shortly after the launch of the Government's Funding for Lending scheme, leading invoice finance provider and debt factoring specialists Bibby Financial Services has highlighted the importance of alternative funding as a means for small and medium enterprises to secure vital finance.

Peter Cromarty, Head of Business Development at Bibby Financial Services North East, speaking after Sunderland based Thompson Building Centres secured a GBP 3million confidential invoice discounting facility from Bibby, commented:

"At a time when the Government continues to insist on channelling funding through the banks, this deal adds further proof that alternative funding can provide a viable option for SMEs and that accessing finance is still possible.