TECL is proud to partner with Lloyds Bank to provide Commercial Finance to SME Companies. Many growing business are required to provide 30 days payment terms to their clients. In time the client portfolio or sums involved may become so large that the process requires a financial product to sustain it. In this way Commercial Finance provides up to 90% of the value of any invoice you write to your clients immediately, directly into your banking facility. Products available include Credit Invoice Discounting (CID) and Factoring, depending on requirements and commercial circumstances. CID allows your clients to pay directly into your bank account, whereas Factoring sees a special, transparent bank-managed account set up that your clients pay into and that you can then ‘draw down’ from. Charges may be as low as 2% for such processes depending on circumstances. Any remainder percentage of the invoice total is paid into your account or facility upon full payment by the client. There is also a service provided to chase for bad debts or late payments. Commercial Finance products can be of great value to fast-growing Companies and can prevent over-trading (running out of the cash to fund your business, having more orders than you can afford to service or offering more credit to clients than you can afford to cover from your own cashflow). Commercial Finance is not suitable for everyone, so please do give us a call to discuss your requirements or even just to chat about whether you might need it. We’ll be glad to help you.