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Financier targets haulage sector

  • 20 June 2012
  • By Chris Tindall

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Haulage operators struggling to trade with customers demanding up to 90-day credit terms and no help from the bank are being offered a factoring facility from invoice financier Skipton.

The subsidiary of Skipton Building Society says it is actively looking to help companies in the haulage sector and has set aside £25 million to support them.

It says the fund has been created for hauliers that have felt the brunt of a reduction in borrowings from banks despite government initiatives designed to stimulate lending.

“We have actually been supporting these businesses for over 10 years. We appreciate it’s tough for companies in this industry to obtain traditional banking facilities,” says head of marketing Ed Carney.

“We are solving a problem that is consistent within that industry: a haulier is able to generate business but they have to wait 60 to 90 days for payment.”

He adds: “It’s haulage companies that go up to £5m turnover which we are looking for.”

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Article source: http://www.commercialmotor.com:80/latest-news/bank-targets-haulage-sector