The new service will enable SMEs with an annual turnover above £250,000 to release working capital by advancing funds against their contractual billing.
“We have launched our contract finance offering at a time when a growing number of companies are entering into long-term contracts to outsource their supply chains or services such as IT, marketing and training,” said Andrew Dixon, commercial director for specialist finance at Aldermore (pictured above).
“Our new funding solution gives SMEs an invaluable safety net for any unexpected late payments or project delays and can be customised to meet the specific requirements of individual businesses.”
Paying employees, suppliers and subcontractors can prove challenging for businesses in certain markets, as most rely on payments from their customers to fund overheads.
- Contract finance lender breaks £150m funding milestone
- Aldermore appoints asset finance BDM
- 73% of SMEs put off by funding application procedure
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