Pictured above: Chris Jones

A Wolverhampton-based invoice finance specialist has been shortlisted for a national award.  

Select Business Finance is a finalist in the "Best Asset Based Finance Broker" category at the Business Moneyfacts Awards, to be held in London in March. The awards are in their tenth year and are the UK's largest business finance awards. They will be held at the Marriot Hotel, Grosvenor Square and hosted by actor, comedian and Mock the Week star Hugh Dennis. 

Chris Jones, managing director of Select Business Finance says, "We are delighted to be recognised in this category, especially as the other finalists are all large, national brokerage firms. It is testament to the hard work that we have put into the business over the last three years." 

Chris set up Select Business Finance in June 2008, following a 22 year career in the commercial finance industry, which culminated in him being appointed regional director of Barclays Sales Finance in Birmingham. Chris makes no charge for an initial review and, over the last three years, he has helped nearly 60 local businesses to review or restructure their factoring / invoice discounting facilities.

Invoice finance helps businesses optimise their cashflow by releasing money tied up in unpaid invoices, and is often used by companies as a flexible means of funding working capital. Initial payment of up to 90 per cent of the unpaid invoice is made up front, with the balance paid (less charges) when the customer settles the invoice.

"During my many years working in the invoice finance industry, I realised how few businesses took advice from an expert before signing up to a facility", says Chris. "An invoice finance facility is the lifeblood of a business' working capital cycle. If the facility is not correctly structured, it can seriously damage the business, sometimes terminally.  Since I set up Select Business Finance, I've found that around 75 per cent of the facilities I have reviewed have been inappropriate for the business, and it amazes me how many companies commit to two or three year deals without fully understanding the implications."

Stephen Mills, managing director of Secal Sheet Metal (Midlands) Ltd, based in Telford, is a client of Select. "After 20 minutes of our initial meeting the qualities and knowledge Chris showed convinced me that I was dealing with a true professional. The manner in which Chris dealt with our immediate and pressing need to raise funds was truly refreshing. Chris made it happen - a real breath of fresh air."

"Far too many businesses simply sign up with their bank's invoice finance company, as this is the path of least resistance", says Chris. "This may work for a business with a well spread, well-aged, straightforward sales ledger but we have found that the majority of companies have some quirks in their debtor book and need a more flexible approach. Luckily, the invoice finance market is hugely competitive, and there are a wide number of potential funders with the ability to structure more adaptable facilities."