Leading Global Invoice Finance provider, Bibby Financial Services Ireland has announced details of €70million in working capital facilities available for Irish businesses through invoice finance.

  • Bibby increases credit facility limits by 70% following strong demand and a recovering economy;
  • Credit application decisions guaranteed within five working days;
  • Bibby-supported companies employ almost 5,000 people in Ireland;
  • Invoice Finance funds businesses to move forward and expand.

A 70% increase on its 2014 credit facility availability, Bibby said its decision to make increased credit available to Irish businesses this year reflects both strong demand for alternative sources of finance, and deepening evidence that economic recovery is underway.

According to statistics from the Asset Based Finance Association (ABFA), over 2,000 companies availed of invoice finance in Ireland in 2014, with the majority of Bibby customers requiring capital support ranging from €100,000 to €5million.

Bibby’s invoice financing model supports businesses by giving them access to cash tied up in invoices. The facility is available to any business that sells goods or services and invoices customers in arrears.

Bibby Financial Services Ireland is part of the Bibby Line Group, the world’s largest independent invoice finance company that provides over €1billion funding to over 7,000 SMEs globally every year.

Last year, Bibby extended €41m in approved invoice finance facilities in Ireland, with particularly strong demand from recruitment, export, distribution, haulage and manufacturing companies.

Announcing its intentions for 2015, Managing Director of Bibby Financial Services Ireland, Mr Ronan Horgan said:

‘More and more Irish businesses are opting for alternative sources of financing like invoice finance to fund their businesses as it offers more flexible options for growth. ‘We know it is difficult for SMEs to access finance and their financial advisors are increasingly making them aware of alternatives.

‘Last year we provided credit approved invoice facilities of over €41 million, with business owners seeking working capital facilities ranging from €200,000 to €5million to cover day-to-day operation costs of their business.

‘We see this demand continuing in 2015. The funding covers the micro-businesses and start-ups to the larger SME from €100,00 to €5million as the economy show signs of growth and sales begin to increase,’ said Mr Horgan.

Among its Irish clients is TTM Healthcare, a leading healthcare recruitment company that recently announced a significant expansion with the addition of 100 jobs.

‘When a business has an opportunity to grow and to create jobs after years of economic stagnation, it is important that the necessary finance partners are there to assist in moving business forward. The availability of €70million in approved invoice finance facilities this year, through alternative financing, will assist businesses to grow their business and maintain jobs. Today’s announcement reflects our confidence in the Irish market and signals recovery in the economy, as demand for funding among small businesses increases,’ Mr Horgan said.

Bibby guarantees to process credit applications and make a decision on financing in five working days or less. The company supports small businesses across a range of sectors and Bibby supported companies’ employ almost 5,000 people in Ireland

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