New £40m funding available for recruitment businesses from Skipton finance firm

Skipton Business Finance has pledged £40m in cash to help support UK recruitment businesses today (August 19).

The recruitment industry, particularly e-recruitment, is growing year-on-year. In the current economic uncertainty, many recruitment agencies are said to be struggling to find sufficient funding that they need to develop.

Managing director, Greg Bell, said: “Skipton Business Finance is proud to be offering this amount of money for recruitment businesses.

“This scheme can give a business the support it needs to transform and we are proud to be involved in this process.

“We have assisted a number of recruitment businesses who have opted to use one of our Invoice Finance solutions, subsequently helping their growth.”

Skipton Business Finance offers different forms of invoice finance, including invoice factoring and invoice discounting, as well as EFG loans alongside these solutions.

Invoice factoring involves a business having an arrangement with their funder, whereby the funder takes responsibility for running the business’s credit control process. They pursue the debtor for payment so that the business does not have to.

This type of invoice finance is said to allow businesses to draw up to 80-90 per cent of the value of an invoice straight away without having to wait 30 or more days for customers to pay.