IGF Invoice Finance Review
IGF is an independent UK commercial finance provider, that has been operating in the Invoice Finance and Asset-Based Lending sector for the past 20 years. They offer SME-friendly solutions and are committed to their clients by providing personable service and unique financing solutions.
In 2016, IGF was bought out from the Greater London Enterprise group, by some commercial finance professionals in a deal backed by Spring Ventures. This buyout signifies IGF’s first step towards expanding their business solutions and lending platform for UK businesses.
The IGF head office is located in Kent, with regional offices in London, Manchester, and Birmingham.
So, let’s start our review of IGF Invoice Finance.
IGF’s experience with SMEs has allowed them to understand your business better, and tailor a solution to fit your needs. Their offerings include:
- SME-focused solutions
- Support for high-growth businesses
- Recently bought out and under new management
- 20 years of experience working with SMEs
- Invoice Finance and Asset-Based Lending covering many industries
In 2016, IGF reported providing UK SMEs with £35 million in funding. They aim to be responsive and accessible to local UK businesses through their regional networks consisting of expert advisers who are able to work with you to find the right funding for your business. Whether your goals are business expansion or cash flow improvement, IGF can offer financing solutions to help you meet those ambitions.
IGF Invoice Finance Costs and Fees
IGF Invoice Finance fees depend on your contract with them and your funding needs. They currently don’t publicise their invoice finance costs and fees, presumably because each of their solutions differs according to the needs of their clients. Therefore, the fees you face will depend on your contract with IGF.
At the very least, you should face a service fee and a discount fee. The service fee is typically 0.25% to 3% of your annual turnover, and is deducted from IGF’s final cash installment to you, once your client settles their invoice. The discount fee is essentially an interest rate on the initial cash advance, and is generally comprised of the UK base interest rate plus additional charges from IGF.
However, one common Invoice Finance fee that you won’t face with IGF is the early settlement fee. Most Invoice Finance providers charge an early settlement fee when your client settles an invoice at an earlier date, which causes the provider to lose out on potential interest/discount payments.
In fact, IGF offers early settlement discounts as a way to encourage your clients to settle their invoices faster.
IGF Invoice Finance Products and Services
IGF has flexible Invoice Finance and Asset-Based Lending solutions to assist you in overcoming various obstacles such as cash flow challenges, fulfilling sales orders, and large business investments. Their facilities are also used to support activities like restructuring, refinancing, mergers and acquisitions, and buyouts.
Their Invoice Finance products allow you to access more funding as your sales grow over time. So, as your business expands and has larger working capital needs, IGF will continue to supply you with the necessary funds.
IGF Invoice Factoring
Invoice Factoring is a funding solution that allows you to sell outstanding invoices to IGF, and receive a cash advance of up to 90% of your invoice value, within 24 hours. You get immediate access to working capital that you can use to cover daily expenses, buy inventory, or anything that spurs business growth.
IGF handles your credit control and collections, which is a huge relief if you’re a small business owner who doesn’t have the time or resources to effectively run your sales ledger and credit control. It also gives you time to focus on other important aspects of your business.
IGF Invoice Factoring is available for any UK business with an annual turnover of at least £100,000, which makes it relatively small business-friendly.
IGF Invoice Discounting
IGF Invoice Discounting is a discreet financing solution for businesses with established credit and collections processes. Like IGF Invoice Factoring, it unlocks cash advances of up to 90% of your outstanding invoices within 24 hours.
However, Invoice Discounting also allows you to keep your relationship with IGF confidential. Your clients won’t know that you’re working with an Invoice Finance provider, and you can continue to collect payments from them.
IGF Asset-Based Lending
IGF Asset-Based Lending releases cash that’s tied-up in your sales ledger and assets such as plant and machinery, stock, and long-leasehold property. It allows you to access large working capital for strategic activities including business expansion, buyouts, acquisitions, and other major investments.
In 2016, IGF was bought out from the Greater London Enterprise group, by a team of experienced commercial finance professionals. One of their future objectives is to transform IGF into a major new provider of Asset-Based Lending by providing a wider range of solutions.
IGF Invoice Finance Customer Support
IGF offers phone and email support during regular business hours. Alternatively, you could write to them or even visit one of their offices throughout the UK. Their headquarters are located in Kent, with regional offices in London, Manchester, and Birmingham. You can drop in for a face-to-face meeting with a local adviser, or you can contact IGF to arrange one of their staff to visit you at your business location.
If you have a complaint, you’ll rest assured knowing that your problem will be solved by IGF’s extremely thorough complaints procedure. They have multiple ways to get in contact with a customer representative such as telephone, email, post, or in-person visits. You even have the option to submit your complaint for an internal review by a Director, if you feel that your complaint has not been properly addressed.
As a client, you’ll also have direct access to your own Client Manager, who can give you specialist advice about your funding facility with IGF.
To get in touch with an IGF customer service representative, click here.
IGF Invoice Finance Contracts
IGF provides a variety of contracts that are tailored to suit the needs of your business. Your contract will depend on factors such as your funding needs, industry sector, and business size. You’ll also have the opportunity to discuss your contract with a customer representative to make sure that all the terms have been made completely clear.
To receive a quote, be sure to get in touch with IGF’s Sales Team here.
IGF Invoice Finance Reputation
IGF has been working with SMEs in the UK for 20 years, and has a great track record of client retention and positive feedback. On their website, IGF has published multiple case studies for Invoice Finance and Asset-Based Lending. These clients praise IGF’s smooth operations, simple terms, personable service, and their appetite to support UK businesses. It seems that IGF has garnered a good reputation as a trusted and effective provider. Here are some quick statistics to demonstrate IGF’s commitment to their clients:
- 98% of clients rate IGF as fast, flexible, and supportive
- 95% of clients say they had an overall great experience
- 51% of clients have been with IGF for over 5 years
In 2016, IGF was bought out by a group of seasoned commercial finance professionals who saw the company’s high growth potential, and wanted to expand its offerings. The current CEO of IGF, John Onslow, is also the former chairman of the Asset Based Finance Association. What this means is that IGF is managed by a very experienced team, who will improve and grow IGF into a larger financing platform.
Comparing IGF Invoice Finance
IGF is a large, independent Invoice Finance provider that compares well to similar companies such as Ashley Finance, Bibby Financial Services, Skipton Business Finance, and Touch Financial. They all have similar capabilities and services, but differ slightly in their minimum requirements for your business’ annual turnover.
|Invoice Factoring Providers||IGF Invoice Finance||Ashley Finance||Bibby Financial Services||Skipton Business Finance||Touch Financial (broker)|
|Cash Advance||Up to 90%||Up to 90%||Up to 100%||Up to 90%||Up to 95%|
|Time to Receive Funding||Within 24 hours||Within 24 hours||Within 24 hours||Within 24 hours||Varies|
|Annual Turnover||Min. £100,000||Max. £500,000||Not specified||Not specified||Min. £250,000|
|Contract||Varies||Varies, with option for no contract||Rolling, unlimited contract||Varies||Varies|
|Bad Debt Protection||Offered||Contact Customer Service||Offered||Offered||Offered|
When compared to these other providers, IGF is the only one to set a specified minimum annual turnover. IGF are transparent about who they are able to help, and it should be noted that £100,000 is lower than the typical minimum limit for Invoice Finance, which is £250,000.
Should You Use IGF Invoice Finance?
IGF supports a wide range of businesses from SMEs to large established companies. Their minimum annual turnover limit of £100,000 is low enough to enable a lot of businesses to be eligible for IGF’s Invoice Finance and Asset-Based Lending facilities. IGF is able to help you achieve business goals including expansion, improved cash flow, and making new investments.
They are a great alternative to mainstream banking, and can provide you with a higher level of personal service and effective results. If you’re looking for a reliable provider with abundant resources and expertise, IGF is definitely a great option.
IGF is a leading independent commercial finance provider with an impressive history of helping UK businesses grow and solve their problems with cash flow. They provide SME-friendly Invoice Finance and Asset-Based Lending solutions that are customized to meet your funding and business needs.
IGF are committed to being client-oriented by providing unique financing solutions for SMEs, and building successful long-term relationships to meet your larger funding needs as your business grows over time.
If you’re interested in finding out more about IGF’s Invoice Factoring or receiving a quote, be sure to reach out to a customer representative.