Financial Services Franchise Organisation IFG is Positive Effect in Local Economy
Small businesses create jobs and revenue and fuel local economies, however, small businesses continue to experience difficulty obtaining the financing they need to maintain and grow their companies. A multi-national franchise organisation has the solution.
There is no doubt that small business owners have an impact on the local economy — as they grow so does the local economy. If they cannot continue to grow due to lack of financing options, this impacts the local economy. “As an Interface franchisee I can support small business owners as they grow their business and thereby strengthen the local economy,” says Jackie Reeve, an Area Developer and franchisee of The Interface Financial Group located in Norwich. This support comes in the form of an alternative funding option called Invoice Discounting. “We purchase invoices at a discount, effectively turning our clients’ invoices into ‘cash-on-delivery’ sales. This immediate infusion of cash flow allows the small business owner the opportunity to purchase additional inventory, take advantage of supplier discounts, make payroll on time, and take on new projects or contracts, all of which helps them and the local economy.”
There is always a need for Interface’s unique form of providing working capital. “Yes, the need for working capital is pretty strong in today’s economy, but the thing for prospective franchisees to remember is that Interface’s service is in demand in a good economy as well,” according to David Pearce, another Interface Area Developer located in Hagley in the West Midlands. “In a thriving economy more entrepreneurs are opening new businesses, and they face the problem of obtaining financing from traditional sources – banks don’t normally want to loan to new businesses. A new business isn’t a problem for Interface, since we primarily look at the creditworthiness of the customers of the business.”
Interface franchisees always work at the local level, meeting clients face to face. This is an advantage for both the franchisee and the client as they get to know each other, and the Interface franchisee comes to fully understand the client and their business.
“Interface franchisees work closely with the local banks,” said Mandy D’Arcy-Evans, an Area Developer and franchisee in Cambridge. “They (the banks) cannot always say yes to funding requests from their small business customers, however, being able to refer them to Interface is a win-win situation for everyone.”
“Interface has been in the invoice discounting business since 1972. We know what we’re doing.“ said David Banfield, President of The Interface Financial Group. “We’ve been franchising for 20 years, so we know what we’re doing on that side of the business as well. We support our franchisees from day 1 with training and day-to-day transaction reviews. Although Invoice Discounting is a proven service in the U.K. marketplace, we bring a new dimension to it as our particular market is ‘small business’. By offering a ‘use-it-as-you-need-it’ service we are able to service a previously under-serviced market segment.”