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Update: The Australian and New Zealand operations of Bibby Financial Services were acquired by Scottish Pacific Business Finance in late 2015 to create Australia’s largest non-bank invoice finance specialist. Welcome to our website.

Tuesday February 21, 2017
By Peter Langham, CEO of Scottish Pacific

The increasing need for business funding options beyond the traditional bank overdraft provides a great opportunity for accountants to get closer to their clients by helping them to source the appropriate working capital.

The banking industry has been under the microscope recently over the level of support it is providing to small businesses and SMEs. Yet despite this stated limited support for the business sector, the Scottish Pacific SME Growth Index has found that only one in five SME owners regularly review existing lending requirements and around half never review their primary bank relationship or feel the need to seek a new credit provider.

As trusted advisors, accountants are well placed to cut through the inertia many business owners seem to experience when it comes to sourcing funding solutions that can help their business achieve its full potential.

Switched on business owners have already seen the advantages of finding funding that doesn’t rely on real estate to support fast growth or be hamstrung by onerous covenants, with the most recent results of the Growth Index indicating that there has been a 30 percent increase in SME owners planning to fund their growth using specialist non-bank lenders.

The Index, which polls more than 1200 Australian small to medium business owners and senior executives, found that one in five SMEs is intending to seek specialist non-bank funding. Whilst this is encouraging, it also means that 80% of small business owners are either unaware of the alternatives to the traditional overdraft or may have closed themselves off to those funding options.

With business owners typically being time poor (more than half the Index respondents indicated that lack of time in the business kept them up at night) and strapped for cash (almost three-quarters named cash flow as their main business concern), accountants are in an ideal position to start a conversation with their clients around funding options.

By evaluating the full range of funding options, with the pros and cons of each option clearly laid out, accountants can add real value to clients in enabling them to take advantage of growth opportunities.

One such specialist funding option is debtor finance. A growing number of accountants are investigating this option, as not just a short-term tool to ease cash flow pressures, but as a key part of a growth strategy as the funding available increases in line with business revenues.

Debtor finance offers funding solutions for all stages of the business lifecycle – from fast growth start-ups and established businesses, to management buyout and M&A scenarios, from succession planning in a family business through to those businesses which due to difficult trading circumstances may need support for a turnaround plan.

At Scottish Pacific, we’ve developed a broad range of debtor finance options over almost three decades, enabling us to support clients by providing a short term cash injection against selected invoices or establishing multi-million dollar invoice discounting lines and everything in between.

At Scottish Pacific we have been working closely with accountants for almost 30 years in assisting mutual clients to improve their cashflow and achieve their growth aspirations. We look forward to working together on more success stories in the future.

Peter Langham is CEO of Scottish Pacific, an award-winning, ASX-listed debtor finance and trade finance business that supports the working capital requirements of Australian and New Zealand businesses.

Scottish Pacific Business Finance is part of the Scottish Pacific Group (ASX:SCO) and is the largest specialist provider of working capital solutions for SMEs in Australia and New Zealand. More than 1700 clients in industries including transport, manufacturing, wholesale, import, labour hire and printing benefit from their broad range of trade and debtor finance solutions. Scottish Pacific handles more than $14 billion of invoices each year, providing debtor and trade finance funding exceeding $1 billion. Established in 1988, the business has full service bases in Sydney, Melbourne, Perth, Brisbane, Adelaide, Auckland, London and China. Scottish Pacific was awarded 2016, 2015 and 2014 Best Cash Flow Lender by broker publication The Adviser, as voted by brokers, in their annual Non-Bank Lending Awards, and named Best Trade Finance Provider 2015 at the international Trade Finance Global Excellence Awards.

Follow Scottish Pacific Business Finance on Twitter - @ScottishPacific - and on LinkedIn

For more information contact:
Kathryn Britt Cicero Communications
Tel: 0414 661 616

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