Yorkshire Bank has launched a £100 million invoice finance fund to help smaller firms across the region to cope with customers who won’t pay their bills on time.
Bank head of invoice finance Martin Rothera said: “Late payments can put immense pressure on small businesses as cash flow dries up, leading to pressure on their ability to pay their own bills.
“From our research, we know that cash flow and invoices being paid on time are still a primary concerns for SMEs. Cash flow is the lifeblood of a business and invoice finance is an extremely useful tool for SME owners. It’s something which more businesses could benefit from accessing.”
Yorkshire Bank research shows small firms across the region wait seven weeks on average for monthly invoices to be paid.
The new invoice finance fund forms part of the bank’s £1 billion fund for companies looking to start up, expand or switch their banking arrangements.