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Factoring Finance In Demand

With the credit crunch starting to bite in New Zealand, businesses are finding it more of a challenge to find working capital.  The banks have plenty of cash as folk look for safe refuge from the finance company fall out, but they're hanging on to it, in anticipation of some difficult times ahead.

Re-financing property is not an option for most people now, as the property market hits a slump.  So, accessing working capital through facoring and similar solutions,like invoice discounting, is becominng more popular.

Chris Reid, National Director for New Zealand of the Interface Financial Group, reports that  IFG is doing a lot more business than this time last year.  "We're finding the banks are very interested in developing their referral arrangements with us.They see us as a good way of maintaining their customer relationships when their criteria will not allow them to advance further bank funds."