Asset-based lending: a valuable source of funding for SMEs

Asset Backed Finance & Recruitment Finance
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Asset-based lending: a valuable source of funding for SMEs

Postby obc5629 » Mon Apr 04, 2016 5:43 pm

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Author Henry Shinners, Restructuring and Recovery Partner at Smith & Williamson presents a sharp consideration about this subject.

Asset-based lending (ABL) was once considered the lending of last resort. But times have changed and it is now a realistic alternative to conventional cashflow lending.

What is ABL?

ABL generates finance against a company’s existing and future assets including debtors, stock, plant, machinery and property. The due diligence process tends to be faster than traditional lending routes and funding can be provided more cheaply.
Most ABL is undertaken in conjunction with an invoice discounting facility, so it is mostly for business-to-business transactions, where goods and services are supplied on credit. Few asset-based lenders will advance against invoices where the end customer is a consumer.

Lending is typically available for up to 80-85% of debts. The transaction (be it goods or services) against which funds are being advanced should be complete, the covenant of the debt should be ‘reasonable’ and not too old, and the debts shouldn’t be too concentrated, as lenders will have a preference for a spread of good quality debtors.

Suitable businesses

The recruitment industry, particularly in relation to IT contracting, is a good example of where the use of ABL might be appropriate. Contractors are paid weekly but the companies using the contractors are unlikely to pay the recruitment agency for 60 to 90 days, creating a mismatch in the recruitment agency’s working capital cycle. The recruitment agency might be able to borrow against these debts to mitigate the cash effect of that mismatch between payments and receipts.

ABL may also be attractive to early stage, growth businesses because, as their sales increase, facilities also rise. But the reverse can also be true and established businesses might see their ABL facilities diminish due to falling sales just at a time when cash is tight.

Other factors to be aware of are that you need to keep detailed records of your assets and take account of potential seasonal issues. So, for example, if your business is particularly busy in the summer months but with much lower sales in December and January, you may find that the consequent reduction in your available facilities in the early part of the year causes cash flow difficulties.

Worth considering?

Sales-linked finance facilities such as invoice discounting and ABL have been proven to help businesses grow far faster than more restrictive, traditional overdraft facilities. A common misconception is that ABL is more expensive than traditional overdrafts but this isn’t usually the case. Costs vary enormously but generally speaking, the stronger the business the greater its negotiating power.

Large asset-backed lenders include Lloyds TSB Commercial Finance, RBS Invoice Finance, Investec, Centric and GE Capital. For a full list of Asset Based Finance Association member firms, visit


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Postby vav4t » Wed May 11, 2016 3:44 pm

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Postby vav4t » Wed May 11, 2016 3:45 pm

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