A GUIDE TO INVOICE FINANCE

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1 Invoice Finance Demystified A GUIDE TO INVOICE FINANCE IN IRELAND

2 A Guide to Invoice Finance Overview Invoice finance: There are two main types of funding within invoice finance: Invoice Discounting and full service Invoice Finance. With Invoice Discounting, businesses can raise cash against unpaid invoices, enabling them to operate without having to wait for clients to settle accounts. Currently, this is the most popular form of asset based finance. With full service Invoice Finance, providers can also take on responsibility for the credit control function for an administrative fee. There are clear differences between Invoice Discounting and full service Invoice Finance: With Invoice Discounting the facility can be provided on a confidential or disclosed basis. In the majority of cases the facility is confidential whereby the Client maintains the responsibility for the sales ledger, credit control and invoice processing. With full service Invoice Finance the provider takes control of the sales ledger, liaising with customers on settlement of invoices as well as managing the credit control of the business. They are also responsible for processing the payment of invoices, meaning that your customers are fully aware of your business contract with the Invoice Finance provider. Asset based lending: A mix of funding including revolving and amortising structures against the entire range of business assets. Traditionally advances may be made available against invoices, stock, plant and machinery.

3 A Quick Look Guide to Invoice Finance USERS PRODUCTS CONFIDENTIAL OR DISCLOSED Improves cashflow A flexible, revolving facility that matches the needs of the business Suitable for all business sizes from SME s to large Corporates A cashflow solution for strategic purposes, such as MBO/MBI, refinancing or rapid expansion A flexible, revolving facility that matches the needs of the business

4 Lifecycle of a business - a guide to Invoice Finance WORKING CAPITAL: Working capital assets are the assets available to use in a business day to day operations at any stage of a business lifecycle. In addition to supporting daily operations, working capital finance is often required to eliminate financial gaps. This funding can be secured by a number of asset types, including accounts receivables (invoices), inventory, equipment, and/or real property. REFINANCING AND RESTRUCTURING: When a company enters or emerges from a growth phase, refinancing or restructuring give the business an opportunity to perhaps rationalise and consolidate their existing facilities. An asset based financier can look, not only at the businesses financial performance, but at its asset base and the day-today operations to tailor the facility to the situation. This type of financing is common when a business is looking at market expansion, acquisitions, restructuring operations, or after a successful turnaround. START-UP: Start-up businesses need money to get off the ground; to acquire premises and furniture and equipment, R&D, professional services and to pay employees. Asset based finance can provide start-ups with a flexible source of capital. It provides fast, convenient access to the money that businesses need to meet their day-to-day cash requirements. GROWTH: As a company expands, so too can its requirement for financing. As the business asset base grows, its ability to obtain finance can be bolstered. Invoice finance facilities can flex and grow with the business. TURNAROUND FINANCING: In a turnaround scenario resources are often scarce. Turnaround financing is often used by businesses with poor performance histories that are not reaching their full potential. Once again, due to its flexibility, asset based financing presents an ideal proposition to a business seeking to protect jobs and ensure continuity of the business. BUYOUT: A buyout is an investment transaction by which the ownership equity of a company, or a majority share of the equity of the company is acquired by the existing management of the company. The new owners of the business may need certainty of funding to support their broader corporate strategy. A significant number of MBOs and MBIs are financed either entirely or partly through invoice finance. MERGERS AND AQUISITIONS: To secure its future success, a business may look to acquire or merge with a strategic target. As invoice finance focuses on the value of assets held by a business, it s a particularly suitable method for financing a business merger or acquisition where fluctuating earnings and the evolving nature of the business can make other forms of financing hard to come by.

5 ABFA Members (Ireland) AIB Commercial Finance Bank of Ireland Commercial Finance Barclays Trade and Working Capital Ireland Bibby Financial Services (Ireland) Close Brothers Commercial Finance Danske Bank Ulster Bank Invoice Finance If you would like further information about asset based finance, the ABFA and its Members see, or contact Margaret Carrigan on

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