New data from Time Finance has revealed the worsening challenge of late payment debt as it finds SMEs are owed on average quarter of a million pounds in outstanding invoices.
In a recent survey, the alternative finance provider to UK SMEs, uncovered that one in three businesses are forced to wait between 60 and 120 days for invoices to be paid by their customers. It is a problem that continues to significantly hold businesses back from realising their investment plans, claims Time Finance.
The new survey has been commissioned by Time Finance’s Invoice Finance team, which works on behalf of hundreds of businesses to recoup revenue from outstanding invoices, giving businesses access to working capital to support overheads and growth strategies.
Time Finance plc (LON:TIME) is an AIM-listed business specialising in the provision or arrangement of funding solutions to UK businesses seeking to access the finance they need to realise their growth plans. Time Finance can fund businesses or arrange funding with their trusted partners through Asset Finance, Invoice Finance, Business Loans, Vehicle Finance or Asset Based Lending.