Due to Government advice on COVID-19 our offices are now closed but Satellite Finance is very much still open for business. Due to high volumes of calls the best way to contact us is via email info@satfinance.co.uk

Over the last two weeks there have been several announcements made by the government regarding the support available for businesses during these difficult times.

Satellite Finance Limited want to try and help our customers in what is an unprecedented economic situation and so here is an update on the news we have received directly from the British Business Bank and lenders on our panel who are administering it.

Some good news

Media reports have said that the CBILS was not being used by the banks and lenders as it was intended. However, we have received assurances from lenders on our panel that they are processing applications alongside their normal eligibility criteria. They have advised that they will update their guidelines on the scheme more very soon. Several are able to offer funding on their normal commercial terms without utilising the scheme.

The British Business Bank have also stated that they are fast tracking accreditation for the CBILS, and new lenders will soon be available to the scheme. This has been confirmed by lenders on our panel.

We can help

The lenders that we know are already in the scheme have assured us that they are trying their best to get applications underwritten but as you can imagine with staff social distancing and the unprecedented demand then the process requires some patience. We are certain that as new lenders get accredited CBILS applications should become quicker to process and credit approvals much faster.
Through our accredited panel Satellite Finance are here to help you submit your application so check your eligibility with us and one of our experienced team will be in contact with you shortly to discuss your application and the further information we need.

Check Eligibility

Stop waiting for debtors and have your invoices paid immediately

Waiting for invoices to be paid does no good for your cash flow (or your sanity). Factoring means a third party will buy your invoices for a percentage of what they’re worth (typically around 85%). Every time a new invoice is raised, it goes through the factor, and they pay you the percentage upfront. They manage your whole sales ledger for you and chase down the debts owed by your customers. Once the debt is paid, they pay you the remaining balance and you pay them the agreed interest and fees.

Having someone else looking after your sales ledger gives you one less job to do - freeing you up to do more of what you do best. Factoring companies will also credit check any potential customers for you, to reduce the likelihood of working with those that make an annoying habit of not paying on time.

Here’s an example

A customer owes you £20,000. You sell the invoice to a third party for £17,000, which is 85% of the amount owed. When the third party has collected the full £20,000 they then pay you the remaining £3,000. You then pay them any interest or fees owed for their service.

Why is Satellite Finance right for me?

  • We can help you negotiate better terms with your suppliers through our appointed partners
  • We ensure that the providers we work with credit check potential customers - so you’re more likely to do business with people that pay on time
Factoring Image