Bibby Financial Services (BFS) has extended its trade finance product to include invoice discounting for commercial businesses with a turnover of up to £5m.
BFS already offers invoice discounting on trade finance for corporate businesses with turnover in excess of £5m and said the extension will enable the funder to better meet the needs of commercial SMEs and intermediaries.
Managing director for trade finance at BFS, Phil Tobin, said: “As a client-centric business, we continuously research the market to understand how we can better serve businesses both trading domestically and internationally.
“We have listened to feedback from our intermediary network and this change will enable us to support the needs of commercial businesses that have the ability to manage their own credit control, but need working capital to bridge the gap between paying suppliers and receiving customer payment.”
Trade finance is a funding and support product for businesses buying goods for resale from within the UK or from overseas suppliers.
It bridges the cash flow gap between paying suppliers and receiving full payment from customers, and provides support from a team of dedicated trade specialists.
Paul Fraser, sales director – specialist at BFS said: “This is another fantastic example of our support for UK importers and exporters, and will help us to structure yet more excellent facilities for new clients.
“Combined with our export finance and foreign exchange services, our specialist finance capabilities for SMEs trading overseas are unrivalled in the independent space.”