Scottish Pacific has extended funding options for Australia and New Zealand SMEs after announcing it will now offer selective invoice finance.
The lender said the new funding option was created to meet market demand and increase the range of cash-flow solutions available to business owners.
For brokers, this new offering presents an opportunity for clients to “dip their toes in the water”, rather than having to commit to a long-term arrangement or sell all their invoices, according to chief executive Peter Langham.
“The ability to select which invoices to submit for funding makes it easy for business owners to find out how invoice finance can improve their cash flow without having to commit [to] every invoice,” he said.
Mr Langham noted that selective invoice finance is an ideal solution for businesses that have fluctuations in their trading cycles at different times of the year.
“This will be especially appealing to SMEs that have seasonal cash-flow needs, giving them the ability to access additional working capital when they need it, without entering into a longer-term commitment,” he said.
Mr Langham added that the current size of Australia’s selective invoice market is estimated at $150 million per annum.