Irish companies increased their use of invoice financing by 13% in six months to end-June 2021, raising €970m, according to the Irish Asset and Invoice Finance Association.

Association chairman David Avery (pictured) commented: “Our latest figures highlight a significantly increased level of sales from SMEs, across multiple sectors that have benefited from innovative invoice and asset-based lending solutions over the past few months.

“Not surprisingly, given the times we have just come through, many business owners do not want to take on additional debt in a bid to fund cash flow or finance growth plans. As a result, many are now opting to utilise invoice finance solutions, which is a debt-free funding option that allows them direct and up-front access to 90% of the value of their unpaid invoices.

“What we are seeing is a strong willingness from businesses to adapt and innovate in order to succeed. They are embracing new ways of managing cashflow, which, in the long run, should bring greater financial stability to Ireland’s small and medium-sized firms in particular.”

The current members of the IAIFA are AIB Commercial Finance, Bank of Ireland Commercial Finance, Bibby Financial Services, Capitalflow, Close Brothers Commercial Finance, Grenke Finance, and Ulster Bank Invoice Finance.

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