The Importance of Reviewing Your Invoice Finance Facility

Invoice finance is a popular financing option for businesses that need access to cash to aid growth or improve cash flow. It works by using unpaid invoices as collateral to release cash into the business.

However, invoice finance rates can change over time, so it's important to review your facility regularly to make sure you're still getting the best deal. You should also consider the terms of your facility and whether they still meet your needs.

If your business has grown or changed since you took out your facility, you may need to renegotiate the terms. You may also want to consider switching to a different lender if you can get a better deal elsewhere.

One way to get the best possible deal on your invoice finance is to use a broker. A broker can help you compare offers from a wide range of lenders and negotiate on your behalf to get you the best possible rate.

The recent changes to the Bank of England Base Rate have also made it more important than ever for businesses to review their invoice finance facilities. The Base Rate is the interest rate that banks charge each other for lending money. When the Base Rate goes up, the interest rates that banks charge businesses also go up.

This means that the interest rate charged for the money you draw down has gone up, and quite steeply at that.

If you're considering reviewing your invoice finance facility, Secure Business Finance can help. We have strong relationships with a wide range of lenders, which means we can access market leading rates. We're also experts in invoice finance, having worked for banks and independent lenders directly, we now offer full market access for our clients. We can help you understand the options available to you and choose the right solution for your business.

Contact us today to learn more about how we can help you get the best possible deal on your invoice finance.