From unlocking cash in unpaid invoices to financing equipment, Aldermore has a flexible range of funding options for SMEs.
Founded in 2009, Aldermore is a direct lender (not a broker) offering SMEs a specialist lending service across three areas: asset finance, invoice finance and mortgages. It funds its business loans predominantly through deposits it receives from UK customers into their savings accounts.
Aldermore serves its customers online, by phone and in person through a network of nine regional offices across the UK.
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As well as its mortgages, Aldermore offers invoice financing and asset financing to SMEs who want to grow their business.
Invoice finance allows you to quickly release cash into your business by converting the value of unpaid invoices into ready working capital.
This enables your business to get instant access to the cash you’ve earned when normally you’d have to wait 30, 60 or even 90 days for debtors to settle invoices and for the money to appear in your bank account.
Key features of invoice financing from Aldermore
Is my business eligible for invoice financing with Aldermore?
If you are a business that provides a service or product on credit and raises invoices, you may be eligible for invoice finance. To be accepted for invoice financing with Aldermore, you should have a minimum annual turnover of £250,000.
How does it work?
- Send your outstanding invoices to Aldermore, and it will release the funds to you as quickly as the same day.
- You then have two options. Either you chase the invoice payments yourself (known as invoice discounting), or Aldermore can do it for you (this is called factoring).
- The funds get paid directly to Aldermore by your customer. It then transfers the remaining funds to you, minus your agreed fee.
With asset finance, you spread the cost of equipment over the course of its economic life. This way you can avoid tying up your valuable working capital. Aldermore offers a range of finance options including hire purchase and lease finance, where you can make regular repayments over an agreed period to suit your needs.
Key features of asset finance with Aldermore:
How does it work?
- Let Aldermore know which business asset you would like to release cash from. This could be tractors, turbines, office furniture, cement mixers and anything in between.
- Agree to a repayment plan over the economic lifetime of your asset. This will be a set amount each month, including interest, so it will be clear what you need to budget for.
Is my business eligible for asset finance with Aldermore?
To be accepted for asset finance with Aldermore, you must show that you can afford the repayments. The asset you want finance for must also be worth at least £5,000.
The costs you pay to Aldermore will vary depending on factors like the type and amount of funding you apply for, the cash flow of your business and its credit rating.
Frequently asked questions