The week completed, 21st August 2015

scam

 

Back from holiday and a return to the world of invoice finance and the first enquiry on return sees an attempt by a company to source a deal. Sadly the applicant didnt mention a fairly intimate knowledege of the mechanics of factoring, having previously used such facilities.

There was no mention either of a history of failed businesses, many of which included the use of invoice finance in a manner that left funders no ability to recover finance.

It didnt take long to discover the history and the protestations of innocence were half hearted. Observations made by the applicant that it’s difficult for businesses in general, based on their experience, to secure finance, are laughable.

In essence funding for businesses is readily available from a number of different sources from the conventional to the innovative. Businesses with a chequered credit history are not necessarily excluded, far from it, as long as there are plausible explanations sitting behind the failure. Fraud, or attempted fraud, is not a plausible reason.

As the holiday season draws to a close lets hope enquiry levels carry on the upward trend, but without those whose objective is questionable.