More firms opt for Asset Finance

A report by the Asset Based Finance Association shows asset-based finance is closing in on Bank Overdrafts market share as a source of finance. It found that £9.5 Billion was lent to small businesses via asset based finance in 2016, a 3% increase from £9.2Billion in 2015. In contrast. the number of business bank overdrafts decreased by 2% to an average of £12.4Billion in 2016, down from £12.6Billion from the previous year. Jeff Longhurst , chief executive of the ABFA, said “businesses are realising they can leverage the value of assets such as outstanding Invoices for the direct benefit of their businesses- and there are a number of flexible options they can choose from”. – Startups