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With the majority of high street banks refusing to assist phoenix businesses we have found many of our panel of invoice finance lenders are looking at helping them in a different, more positive perspective.
While it is appreciated that the down fall of many businesses are caused by immoral dealings and unscrupulous directors who deliberately fail to pay suppliers and “go bump” on purpose, the majority of companies failing into debt is caused by no fault of their own.
In these hard economic times a high proportion of failing businesses are simply caused by one of their major customers winding up and therefore not paying their invoices.
Many of the big banks steer away from assisting pheonixed businesses merely to protect their reputation with their existing customers.
That said, to move forward and help the economy out of its current slump, pre-packs and phoenixes are required in order to save employees jobs and livelihoods and move the economy forward so somebody has to lend to them.
In order to succeed, these businesses should be supported and given the opportunity to get back on track. Often they can work again with their main suppliers by pre-paying invoices or paying a higher rate for goods or services initially, however, they need the cash flow to do so.
If you are a phoenix business looking for invoice finance or advice, contact one of our business advisor’s who will give you free advice on how we can help you.
"Target Business Assist have provided our business with a new invoice factoring system that has dramatically improved our cash-flow position and flexibility with our clients..."
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