This blog forms part of a series where we identify common themes and trends over the previous month.
Positive
- Steady increase in business enquiries following removal of government support funding
- High proportion of enquiries from mature businesses who are new to receivables finance in the UK and Ireland
- Continued strong demand for export finance beyond the EU and US, looking to the Middle East, Asia and Africa
- Increase in average invoice size by 10% from previous month
- Recruitment continues to be a growing sector in Ireland*
- Increase in interest in Canada from staffing industry clients, showing growth in the IT and Healthcare sector
- Increase in requests in Canada from younger companies who are under 5 years old
Neutral
- Average facility sizes remain predominantly between $50k-$75k *
- Industry sectors remain well spread with continued particular focus on professional services and manufacturing *
- In Canada, all requests come from companies who are looking for a blend of finance options, usually seeking funds from other alternative lenders, the government and banks
Caution
- Slow roll out and uptake of CBILS replacement: Recovery Loan Scheme (RLS) in the UK
- SMB’s facing working capital shortfall as economy recovers & growth in orders but now face deferred tax repayments, CBILS repayments & end of furlough impacting cashflow
* Data has been provided by the Accelerated Payments proprietary system
Contributors
Dylan Martin
Hi I’m Dylan Martin, Head of Operations. Through our leading edge Fintech portal and expert team, SMEs can access on demand working capital to cover operational costs, payroll and growth
Guy Jones
Hi I’m Guy Jones and I head our UK team. We’ve been funding the SME community since we started in 2017 and we’ve been able to supply funds throughout the Covid crisis.
Colm Devine
Hello I’m Colm Devine and I’m Head of Business Development at Accelerated Payments HQ in Ireland. We set up our business to make it easier for SMEs to get access to the funds they need at critical points in their business.
Peter Thomas
Hi I’m Peter Thomas and I’m part of the UK Business Development Team. I’m here to help guide SMEs through the funding process. We provide a flexible funding solution to fast track growth.
Ben Ingram
Hi I’m Ben Ingram and as part of the Business Development team here in Canada, I am here to ensure your business gets much needed funding during Covid-19 and beyond.
