Daily News: March 23, 2012

ABN AMRO Provides Factoring Facility to Bill Prep & Surveying

ABN AMRO Commercial Finance has provided £100,000 to Bill Prep & Surveying Ltd, a provider in the preparation of bills of quantities and pricing documentation to the construction industry.

According to a press release on UK website Creditman, the transaction was arranged through a Fast Track Factoring facility and was arranged by ABN AMRO in four days. Proceeds will allow the company to recruit new clients and invest in new software.

Co-founder Vince Hughes said: “We used to fund the business with a bank overdraft, but the need to constantly verify invoices was quite disruptive. The credit control facility from ABN AMRO Commercial Finance will mean our important contacts will be dealt with professionally and efficiently, allowing us to focus on growing our company.”

Tony Tydeman, Regional Manager at ABN AMRO Commercial Finance, said: “It’s great to be able to support an ambitious company as they pursue growth. Turning the deal around in just four days means Bill Prep can push forward without delay.”

ABN AMRO Commercial Finance is an invoice and asset-based lender and part of the ABN AMRO Commercial Finance Group. Established in 1989, the company provides factoring, invoice discounting, export finance, structured finance, asset-based lending and numerous related services to startups through to £250 million turnover organizations.