- Wednesday, 05 December 2012 10:11
- Written by Troy Stevens
Launching a ground-breaking new scheme, UCF are targeting contractors and freelancers, acting as a much needed money lenders during a time of economic disarray and in a profession that is in great need of secure and frequent finances.
Timesheet Finance™ is the name given to UCF’s scheme, acting as a way in which contractors can bridge the gap between being paid for a contract, providing weekly instalments acting as a wage in a line of work that often results in large time periods between payments.
Joanna Holloway, Managing Director of UC Finance is spearheading the campaign, and is confident that the services provided will succeed in giving some welcomed relief to a large proportion of the UK’s sole traders.
‘Raising corporate funds using Timesheet Finance™ means the obstacles presented to contractors by traditional finance providers are no longer a barrier to operating as a limited company. In today’s climate, where increasing costs of borrowing and decreasing lending facilities are the norm, access to affordable finance is, in many cases, an essential requirement for freelance contractors who have taken the entrepreneurial step of becoming self-employed.’
As a former Royal Bank of Scotland’s invoice finance specialist, Joanna is more than well versed in the financial needs of modern day professionals, and is determined that contractors are understood within the business financial market.
“This is business finance; we are treating contractors as the businesses they are.”
This is a refreshingly right minded statement that is due within the contracting market and in a climate where the banks are not lending to professionals, UCF’s Timesheet Finance™ initiative has been created to provide some much needed relief. The scheme itself allows contractors to borrow up to 80% of the value of any outstanding invoices upfront, which you’ll have to agree, is no small amount.
This is a huge leap regarding contractor finance in general, as this bold new move can replace overdrafts and other types of traditional loan, creating a far more level and secure playing field when it comes to economic relief.