Independent IT finance provider Syscap has announced that it has
secured new lines of funding worth up to £50 million (€58 million),
which will be allocated to professional services firms, such as
lawyers and accountants.
The new funding lines will come as a big relief for professional
services firms who must pay their semi-annual tax payment at the
end of July, Syscap said, adding that it had been approached by
increasingly larger firms in the last six months.
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“This is the first piece of good news on the funding of
professional services firms since the credit markets froze in the
wake of the collapse of Lehman Brothers in September,” said Mark
Gidge, chief sales officer at Syscap.
“There are many professional services firms out there with very
profitable businesses that do need short term funding help. With
this new credit facility now in place, we hope that these firms
will find it far less painful to meet their tax bills without
having to take any short term cost cutting exercises that might
impact on their long term growth.”
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