• 17 Jun

    Deal Completed CHOCS For A Business Refused An Overdraft Extension

    We were recently able to help a small business that were looking to grow but had been refused an extension to their limited overdraft by their bank. The bank had recommended their own invoice financing division but we were asked to introduce them to some alternative invoice finance companies and we were able to find them a CHOCS facility that would provide the additional funding for growth.

    CHOCS stands for "Customer Handles Own Collections" which is essentially an invoice discounting facility which the client had not been able to find elsewhere. Invoice Discounting allows a client to maintian their own credit control functions whilst still receiving funding against their unpaid sales invoices.

    This case supports some of our recent market research findings which found that many businesses were experiencing restrictions in bank overdraft type funding whereas restrictions were not seen with users of invoice finance.

    By Glenn Blackman

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Examples of funders we work with:

muse
inksmoor
giant finance
pennyfreedom
skipton
ultimate finance group