The Finance and Leasing Association (FLA) and the National Association of Commercial Finance Brokers (NACFB), with the support of the Asset Based Finance Association (ABFA), have launched a new directory of around one thousand sources of commercial finance for small businesses. Designed to help businesses find alternatives to conventional bank loans or overdrafts when these may be hard to obtain, the directory covers leasing and hire purchase, commercial mortgages, asset-based finance and invoice discounting and factoring.
The directory, which covers the UK as a whole, aims to help around 60,000 businesses to find suitable commercial finance in its first year. It includes a search facility based on the region, town or postcode of local sources of finance and brokers.
“The NACFB has for many years assisted SMEs [small and medium-sized enterprises] to find funding – last year, in excess of £10bn. The Small Business Finance Directory has been developed to allow our members, who have access to a vast range of commercial finance lenders, to help many more small businesses across the UK. This initiative will really make a difference by highlighting the range of alternative forms of commercial finance available to businesses,” said Adam Tyler, chief executive officer (CEO) of NACFB.
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