Responsible Finance helps small firms deal with unreliable payments
Responsible Finance welcomes the report today from the Federation of Small Businesses which highlights the difficulties caused for small businesses by late invoice payments.
We agree that more must be done to reform lax culture and legislative infrastructure that causes unwarranted supply chain delays and makes it difficult for small firms to operate.
Responsible Finance providers understand the dynamic and uncertain environment that smaller businesses operate in. Our members are committed to working closely with those locked out of mainstream finance, so understand the individual circumstances of each business they deal with. As a result, they are flexible with repayment terms to help small firms navigate choppy waters and avoid further disruption from late payments.
Chief Executive of Responsible Finance, Jennifer Tankard, said “Flexibility is key when working with smaller businesses. Our members understand that lean periods are natural for any business and it is counterproductive for both the creditor and the business to put undue pressure on repayments on loaned credit. Making invoice payments more reliable would be a welcome move but, regardless of what action gets taken by Government, our members will continue to work in partnership with business customers to ensure capital remains available to cover outstanding payments.”
