Invoice finance at record €1.07bn

The popularity of invoice finance as a financing option has continued to grow in Ireland as industry turnover hit a record level of €1.07 billion.

This is an almost 25% increase from March 2004. Invoice finance is an alternative form of working capital finance that allows businesses to convert trade debts into cash.

Derek McDermott, Head of Invoice Finance at Bank of Ireland Finance, said:

“Customers increasingly recognise the benefits that invoice finance provides to growing companies. Existing facilities continue to increase in line with our clients’ growth, one of the fundamental advantages of this type of finance. With the economy growing by about 6% in 2004 and the outlook remaining positive for 2005, I’m predicting another good year for the invoice finance industry,” said Mr McDermott.