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Posted on Thursday, 08 September 2011 08:12AM by
Invoice finance has continued to grow in popularity, according to a new report by the Asset Based Finance Association (ABFA).

The organisation said total advances from members currently stand at £15.7bn, showing year on year growth of 12 per cent.

This growth has been identified over the past five quarters, according to ABFA, which said businesses of all sizes are increasingly opting for invoice financing over other forms of lending.

Of the total funding provided by members, small businesses received about 40 per cent, or just over £4bn this quarter, it added.

ABFA chief executive Kate Sharp said: "The figures in our new economic report indicate growing business confidence amongst invoice finance clients, both SMEs and larger firms. This contrasts markedly with the general negative sentiment concerning the state of the wider UK economy and a general contraction in the stock of lending.

"Firms using invoice finance are seeing rising sales and are continuing to have access to an ample supply of finance."