A part of the Greater London Enterprise Group, IGF have steadily built up a reputation for reliability and simplicity with their range of financial solutions. A privately run yet publicly owned company, they are extremely well regarded by both industry insiders and their clients.
Because their focus is entirely on financial solutions and invoice financing IGF have managed to tailor their service to suit the various needs of their clients. This has led to a highly flexible and supportive product with many benefits, including:
- Low Minimum Annual Turnover
- Up To 90% Invoice Value Provided
- Bespoke Services
- Single Client Eligibility
|IGF Invoice Financing||Rating|
|Help & Support|
|Reviewed by Expert Market:||01/05/2016|
Low Minimum Annual Turnover
Apart from a handful of start up funding specialists, most invoice financing providers require a minimum annual turnover of around at least £250,000. This disqualifies some of the businesses that could most use this type of funding. IGF have a minimum annual turnover limit of £100,000, making them one of the most welcoming small business funding providers in the UK.
Up to 90% Invoice Value Provided
The majority of invoice financiers provide up to 85% of the value of the invoice, releasing the further 15%, minus fees, when the invoice is paid in full. Although it may seem insignificant on the face of it, this extra 5% can make a huge difference, especially regarding high value invoices.
At the heart of any invoice financing is the ability to access funds before they would otherwise clear. The problem with many services, however, is the inability of the provider to grow with the needs of their clients. This can be a particular problem for small businesses with high ambitions. It is therefore an enormous plus to find a provider like IGF who are able to work with a business and construct a service that is tailored, not just to short term needs, but the business’s potential as well.
Contracts can be something of a noose around the neck of some businesses that utilise an invoice finance provider. This is partly down to the previously mentioned rigid service of some. IGF contracts are fairly standard in length, 12 months, with a 6-month cancellation notice. As with all providers, it pays to research the contract thoroughly before signing any contract.
Single Client Eligibility
Most providers require their customers to have a range of clients so as to spread the risk but IGF provide a single client service, in which 70% of the facility is made available, meaning small businesses, who might otherwise be denied vital funding, are able to take advantage of the benefits that invoice discounting provides.
IGF advertise themselves as a SME (Small to Medium Enterprise) finance provider but this should not give the impression they are unable to handle the needs of larger businesses. While particularly large businesses are better suited with other providers, such as Barclays, the upper annual turnover limit is £10m.
Start ups and very small businesses are not able to access the service, with a £100,000 minimum annual turnover limit, but it is tailored to suit the bottom end of their range rather than the top. This is partly because of their ability to provide a specifically designed contract for smaller businesses that does not restrict their ability to grow.
It is always advisable that you properly research the level of support you will receive from an invoice finance provider as different businesses will have different requirements.
When possible, phone consultations are always more preferable than those via Email, which can be protracted and cause costly delays. To this end IGF provide a free phone support line as well as a “Call me back” Email service, where they endeavour to reply via telephone as soon as possible.
This runs alongside an ongoing service that includes your personal Client Manager, as well as other personal support, which can help with any day-to-day issues you might encounter with the service.