Thursday, October 6, 2022

Commercial finance boost for small businesses in Thurrock

A FREE online directory due out on Thursday will give details of about 1,000 potential sources of commercial finance for small businesses reports

The directory, developed by the National Association of Commercial Finance Brokers and the Finance and Leasing Association, will give details of providers offering leasing and hire purchase agreements, invoice discounting and factoring and commercial mortgages.

A search facility will enable firms to look for lenders and brokers in their area. It comes amid firms’ continuing struggle to access bank finance.

The aim of the directory is to show small businesses there are alternatives to standard bank loans and overdrafts.

Trevor Jepson runs City Lifting, a specialist crane hire business in Purfleet, Essex. The family business – wife Clare is company secretary – was set up in 1981, employs 80 staff and has a turnover of £10million, but Trevor, 53, still has huge problems getting finance through the High Street banks.

His bank revalued the commercial property last year and subsequently asked him to refinance the company assets as it was no longer prepared to lend.

Trevor contacted West London broker First for Business, which helped him move to Bank of Cyprus and access invoice financing through a number of lenders.

He says: ‘Bank of Cyprus operates like an old-fashioned bank in terms of actually getting to know and understand your business.

‘I welcome the idea of a directory giving options other than the banks, as without our broker I would have had little idea where to go next.’


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