news finance Paul Close, He<strong>ad</strong> of Sales, Asset Finance, Northern Ireland; Harry Parkinson, Managing Director, Close Brothers Commercial Finance (Ireland) and Paul Stephens, He<strong>ad</strong> of Sales, Invoice Finance, Ireland. Funding for growth Securing and growing your business in todayÕs challenging environment has never been harder. With companies working to secure new business and work their way out of the downturn, <strong>Plant</strong> and <strong>Civil</strong> <strong>Engineer</strong> hears from Paul Close and Paul Stephens from Close Brothers Commercial Finance about the funding products they bring to the market. The continued downturn has put unprecedented pressure on all sectors of the economy both north and south. Businesses are working harder than ever to find opportunities for growth, but with the continued squeeze on lending, financing these plans is proving challenging for many. “That’s where asset-based lending comes into its own,” says Paul Stephens, He<strong>ad</strong> of Sales for invoice finance at Close Brothers Commercial Finance. “As we all know the health and viability of any organisation rests on the availability of working capital. The funding products we have available encompass both asset and invoice finance and are proving a useful tool for companies to ensure they maintain their cashflow.” Invoice finance allows a business to raise cash against the value 8 PLANT & CIVIL ENGINEER of unpaid invoices that they have issued. The invoice finance provider will pay a proportion of the invoice, up to 85 per cent (often within 24 hours). The client continues to be responsible for managing his relationship with his customer and collecting monies from the customer. When the customer has paid, we will then pay the client the remainder of the invoice's face value, less any <strong>ad</strong>ministrative charge. “It’s easy to see why so many businesses are starting to use invoice discounting to pay bills, take <strong>ad</strong>vantage of early payment discounts, extend better credit terms to customers, and of course to fund growth,” <strong>ad</strong>ds Paul Stephens. Paul Close he<strong>ad</strong>s up the asset finance division in Northern Ireland for Close Brothers Commercial Finance and Close Brothers Commercial Finance he has seen an increase in businesses using asset finance. “More and more businesses are recognising the benefits of asset finance. Its one of the most cost-effective, flexible and manageable ways to pay for capital assets and equipment.” Encompassing hire purchase, leasing and asset refinancing, packages can be tailored to boost cash flow and purchase or upgr<strong>ad</strong>e vehicles, plant or machinery as required. “Inste<strong>ad</strong> of using your own funds, which could see them being starved of vital working capital, asset finance allows companies to purchase an asset on a low capital outlay with repayments matching the income stream generated by those assets.” One of Close Brothers Commercial Finance’s key products is refinancing which enables you to boost your cash flow by releasing cash against the value of your existing assets. “This is a great solution for companies in the sector, as you still have use of the asset being refinanced, as well as gaining an injection of capital into your business which could be used for the purchase of assets that aren’t suitable for hire purchase or leasing agreements,” says Paul Close. While companies work their way out of the downturn, access to funding will always be a critical issue, but the message from Close Brothers Commercial Finance is clear – they understand what business needs and are re<strong>ad</strong>y and able to help you fund your way back to growth. To find out more about how Close Brothers Commercial Finance can help your business please contact: Paul Close, He<strong>ad</strong> of Sales, Asset Finance, Northern Ireland: e. paul.close@closebrothers.com, t. + 44 750 003 8908 Paul Stephens, He<strong>ad</strong> of Sales, Invoice Finance, Ireland: e. paul.stephens@closebrothers.com, t. + 353 868 126 463 Or visit www.closecommercialfinance.ie Close Asset Finance 1pg.<strong>indd</strong> 8 16/07/2012 10:39
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