MarketInvoice has created a new specialist team to provide finance facilities for Britain’s larger businesses.
The business finance company has created a corporate solutions team offering support larger businesses with a turnover of between £5m and £50m.
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The larger businesses will be able to secure a credit facility of up to £5m (based on their revenue) and up to £500k as a business loan (flexible term, up to 3 years).
MarketInvoice has provided over £550m to a range of larger businesses in the last two years that include telecoms, engineering, consulting, energy and technology sectors.
This demand came from businesses that were classed as too big to be served by traditional business banking services but not large enough for corporate banking facilities.
Corporate Solutions director at MarketInvoice Craig Flyger said: “We’re delighted to be able to serve larger businesses with their finance needs. These are high-growth companies forging nee ground by transforming their industry, growing internationally and driving UK GDP.
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By GlobalDataHe added: “We want to power and propel their growth. Our team has the necessary experience and resources to structure larger facilities tailored to the needs of these businesses very quickly.”
Since 2011 MarketInvoice has provided over £2.6bn in business finance to companies across the UK, predominantly businesses waiting on long payment terms who are seeking finance to support their growth.
Marvin Patel, managing director at the growing business Infinity Energy said: “We chose MarketInvoice as a finance partner in our early days to tackle long payment terms. As we’ve grown, we’ve needed larger credit limits. Now that we’re taking on bigger projects with more complex contracts, we needed a larger finance facility. It’s great to continue our relationship with MarketInvoice”.
Infinity Energy is expected to double in revenue from £11.1m in 2014 to £20m this year.
Flyer concluded: “We’ve launched Corporate Solutions to serve the needs of the companies who are currently falling into a no-man’s land between business banking and corporate banking. We estimate that the annual lending opportunity to these companies, who are grossly underserved and ignored by traditional business lenders, is worth £13bn.”
“Our solid track record in providing greater access to finance and responsible lending decisions is not only testament to our robust platform and credit risk model, but also to the trust business owners have placed in us as their financial partner.”
