Product category:
Building Industry Finance, Law and Insurance
News Release from: Bibby Financial Services | Subject: Construction Finance
Edited by the Buildingtalk Editorial
Team on 06 June 2005
Finance solution for construction
industry
Unique finance solution specifically tailored to the construction industry has been launched by business cash flow provider Bibby Financial Services.
A unique finance solution specifically tailored to the construction industry has been launched by business cash flow provider Bibby Financial Services The new product, Construction Finance, has been developed as a direct response to market demands for a more flexible funding solution in tune with the sector's needs
This article was originally published on Buildingtalk on 8 Jun 2007 at 8.00am (UK)
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Construction Finance provides a unique integrated offering that includes funding not only against invoices but also applications for payment under a wide variety of contracts or orders and, crucially, bad debt protection.
The specialist bad debt protection provides real cash flow benefits as Bibby Financial Services bears the brunt of its clients' customer insolvencies, ensuring that construction companies get paid even if one of their customers' businesses fail.
The service also includes a fully comprehensive collections facility where Bibby will chase outstanding payments for its clients.
In addition to providing specialist funding and collection services, Bibby Financial Services can provide construction businesses with access to a team of dedicated professionals, including quantity surveyors, who can manage contractual disputes on their clients' behalf as well as providing tailored payroll and health and safety solutions.
Andrew Dixon, product development director of Bibby Financial Services, said: "We understand the construction sector is a difficult industry to operate in and recently it has been further marred by a number of high-profile insolvencies.
As a result traditional funders have been reluctant to take on clients in the industry which has led us to develop a bespoke offering, with bad debt protection, to help businesses operate in the sector.
We are able to offer such a flexible service because of the time we have invested in understanding the issues faced by the sector and the framework within which our construction clients work.
"We recognise that contractors are often working with unconventional terms and things such as stage payments are inherent to the way their business operates rather than an exception.
Understanding the issues of funding contractual debt enables us not to make knee-jerk reactions unlike some alternative sources of funding.".
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