Business finance company MarketInvoice has launched a specialist Corporate Solutions team to provide finance facilities for Britain’s larger businesses. Having provided over £2.6bn in invoice finance and business loans since 2011 to UK SMEs, the company is now turning its attention to the larger businesses (with turnover up to £50m), which it estimates to be a £13bn finance market.
Larger businesses will be able to secure a credit facility of up to £5m (based on their revenue) and up to £500k as a business loan (flexible term, up to three years) from MarketInvoice. These limits will increase steadily over the next 12 months. The company says it has built a track-record with larger businesses over the past two years, having provided over £550m to a range of businesses in the telecoms, engineering, consulting, energy and technology sectors. This demand came from businesses who were too big to be served by traditional business banking services but not large enough for corporate banking facilities.
“We chose MarketInvoice as a finance partner to tackle long payment terms," commented Marvin Patel, MD at Infinity Energy. "As we’ve grown, we’ve needed larger credit limits. Now that we’re taking on bigger projects with more complex contracts, we needed a larger finance facility. It’s great to continue our relationship with MarketInvoice.”
“We’ve launched Corporate Solutions to serve the needs of the companies who are currently falling into a no-man’s land between business banking and corporate banking," said Craig Flyger, Corporate Solutions director at MarketInvoice. "We estimate that the annual lending opportunity to these companies, who are grossly underserved and ignored by traditional business lenders, is worth £13bn. Our solid track record in providing greater access to finance and responsible lending decisions is not only testament to our robust platform and credit risk model, but also to the trust business owners have placed in us as their financial partner.”
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