Skipton Business Finance has today pledged £40m in cash to help support UK recruitment businesses.

The recruitment industry, particularly e-recruitment, is growing year on year and in the current economic uncertainty many recruitment agencies are struggling to find sufficient funding that they need to develop.

As businesses in the recruitment industry make up a large portfolio of clients at Skipton Business Finance, they feel they have the right experience to pledge the fund and aim to make sure they are helping to contribute towards the success and growth of such businesses.

Managing Director, Greg Bell said:

“Skipton Business Finance is proud to be offering this amount of money for recruitment businesses. This scheme can give a business the support it needs to transform and we are proud to be involved in this process.”

We have assisted a number of recruitment businesses who have opted to use one of our Invoice Finance solutions, subsequently helping their growth.”

This industry is important to us, so we want to encourage business growth in this area by offering this fund to them.”

Skipton Business Finance offers various forms of Invoice Finance, including Invoice Factoring and Invoice Discounting, as well as EFG loans alongside these solutions.

Invoice Factoring involves a business having an arrangement with their funder, whereby the funder takes responsibility for running the business’s credit control process. They pursue the debtor for payment so that the business does not have to. This type of Invoice Finance allows businesses to draw up to 80-90% of the value of an invoice straight away without having to wait 30+ days for customers to pay.

Invoice Discounting is similar to factoring, as it allows businesses to receive 90% of their unpaid invoices upfront as oppose to waiting, with the remaining 10% made available when customers pay. Unlike factoring, with discounting the business is in charge of its own credit control instead of a debtor.

The fund will be available to recruitment businesses in the form of one of these Invoice Finance facilities.

To find out more about Invoice Finance solutions from Skipton Business Finance visit: https://www.skiptonbusinessfinance.co.uk/about-sbf.

Skipton Business Finance Limited, a wholly owned subsidiary of Skipton Building Society, is a leading Factoring and Invoice Discounting company founded in Skipton. Established in 2001, SBF provides financial products ranging from Invoice Factoring, Invoice Discounting, and its award winning My White Label solution. Skipton Business Finance is also an accredited lender of the Enterprise Finance Guarantee Scheme.

It continues to be a UK-leading financier in the Invoice Finance market and is keen to maintain its position as a major, client-focused organisation in the UK.

To learn more about Skipton Business Finance and its award-winning finance solutions, please visit https://www.skiptonbusinessfinance.co.uk/.