Aldermore has launched a new business finance funding solution allowing small and medium-sized enterprises (SMEs) to release working capital by advancing funds against their contractual billing.
Contract Finance is available to businesses with an annual turnover above £250,000 which supply goods or services under contracts.
The launch hopes to provide fast access to working capital against contractual billing within 24 hours.
Andrew Dixon, commercial director of specialist finance at Aldermore, said: “We have launched our Contract Finance offering at a time when a growing number of companies are entering into long-term contracts to outsource their supply chains or services.
“Our new funding solution gives SMEs an invaluable safety net for any unexpected late payments or project delays and can be customised to meet the specific requirements of individual businesses.”
Mike Wood, managing director of Telling Architectural, added: “The nature of what we do means that it is common for us to have to wait for payments from our clients.
“Aldermore understands this and their expert team pulled out all the stops to deliver a bespoke funding solution for us based on their new Contract Finance offering in a very short space of time.”