Where can SMEs go when the big banks can’t help?

ESME Loans, NatWest's standalone digital lending platform for SMEs and scale up businesses, has announced its closure. This is the latest victim of current economic climate that has already seen many funders close their doors or decrease their lending amounts. This trend is a blow to the small and medium business community but there are still options out there.

The recent 2021 Budget announcement made it clear that there are government backed facilities to support SMEs out of the recession. And in a report by British Business Bank, invoice finance was singled out as a leading option for “helping smaller businesses recover”.

Alternative funding is the clear solution for companies that feel they have been left behind by the big banks. Products like invoice finance are the life blood to many industries and can help a large majority of businesses access additional cashflow for day-to-day running or expansion.

Optimum Finance’s Chief Commercial Officer, Lynn-Marie Jameson, said “Banks have an important role to play in assisting UK companies get the level of funding they need. They have the benefit of very low funding costs, but also face strict regulatory requirements which often make servicing small businesses uneconomic.

“Specialist invoice finance companies like us can complement a bank’s offerings. Optimum operates under a lighter touch regulatory regime and we have efficient automated systems meaning we can afford to service companies in the sub £2m turnover sector of the market.”

CEO of Optimum Finance, Ant Persse, added “Our doors are always open to small and medium businesses who need help and advice. We’re passionate about SMEs and the impact they make on our economy. Being nimble and agile in the current economy is a must and because of this we’re able to support businesses when the larger establishments can’t.”

At Optimum Finance, we utilise innovative technology to offer a range of flexible funding solutions, which grow alongside your business. Get an instant quote for the amount of funding you could access by entering your annual turnover into our web app. Products include invoice discounting and factoring that can boost your cashflow and give you access to a dedicated credit control team.

Email or call us to speak to our experienced team of experts and find out how invoice finance could help your business. We pride ourselves on getting things done quickly and providing access to cash within 24 hours of approval. We are passionate about finding solutions and delivering to clients’ needs.