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May 1, 2008updated 12 Apr 2017 4:55pm

Asset finance used by 40% of Welsh businesses

A new survey by Cardiff-based Chaseblue Finance has revealed that 40 percent of respondents were already actively using asset finance.

By Verdict Staff

A new survey by Cardiff-based Chaseblue Finance has revealed that 40 percent of respondents were already actively using asset finance.

In 60 percent of cases this was to relieve pressure on working capital, in 20 percent it was for tax efficiency, and 20 percent to release funds tied up in existing assets.

The survey, which questioned 750 businesses in Wales, also revealed that 52 percent of businesses had seen no change to their business loan and overdraft facilities from banks.

Over 35 percent of respondents have also recently started to use factoring and invoice discounting as a method of capital raising and credit control.

“As regards invoice discounting, we have experienced a definite increase in demand in order to convert sales invoices into working capital,” explained Colin Davies, asset finance director at Chaseblue.

Chaseblue, a provider of business finance solutions, works with more than 500 brokers across the UK to provide commercial loans, asset finance and invoice discounting to SMEs.

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