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How it Works...
What are the benefits of LedgerLite?
Similar to an overdraft, this facility allows the business to dip into their funds throughout the month, with little involvement from us. It is a great option for businesses that are well-established or perhaps moving towards becoming self-funding - therefore in less need of involvement from their provider.
- A LedgerLite facility can be agreed for 12 months and is a dynamic facility which is based on a company’s current sales ledger, rather than historical balance sheet information.
- This facility is completely confidential, so customers do not need to know about our involvement.
- The facility is easy to administer, with quick access to cash.
- It generates cashflow to pay suppliers and can also be used to assist businesses in turnaround.
- As with all our Invoice Finance products, each client will have a dedicated Relationship Manager who will deliver our excellent service.
- LedgerLite does not require management to put up their family homes as security.
Why choose a LedgerLite facility with Skipton Business Finance?
- Easy access to working capital
- Award-winning service
- Cost-effective funding
- Reduced need for personal security
- Reduced administrative burden
A business using our LedgerLite solution will send us a copy of their sales ledger once each month and we set a limit which you can draw a little or as much throughout the month. A great feature is that there is no requirement for cash allocation or reconciliation at month end. Instead, the business simply sends us a new, up to date sales ledger and the process is repeated. You can find out how LedgerLite worked for recruitment firm Pin Point via this article.
Our financial services are different from the rest. We pride ourselves on a 98% customer satisfaction rate. As part of the Skipton Building Society, we share a unified ethos for client care and high-quality service delivered through a strong team dynamic.
We pride ourselves on the service that we deliver to our clients, always ensuring that we provide a personal service by getting to know our clients and their businesses – something we believe is essential.
Sector: Haulage
Turnover: £5m
Facility Limit: £250k
This growing business was previously using a £750k bank overdraft, but were struggling to increase this with their bank. With business projections indicating a need for an additional £200k, they were advised to move to an Invoice Discounting facility. We were able to provide the business with a £250k LedgerLite facility, which gave them all the benefits of an Invoice Discounting facility, as well as increased flexibility and independence from us as a funder. Our facility allowed the business a 40% saving on fees compared to what was proposed by their bank.
Sector: Specialist Cleaning
Turnover: £6m
Facility Limit: £225k
This business did not have any form of working capital solution in place and, due to some loss-making, the bank were unable to provide the business with an overdraft. As the business had £400k in the bank, they were looking for an Invoice Finance facility as a means of security, to use when needed. For this reason, we provided a £255k LedgerLite facility, which could be used to dip into when needed, much like an overdraft.
Sector: Electrical Wholesale
Turnover: £10m
Facility Limit: £650k
The business was using an Invoice Discounting facility, but was looking for solution which had less administrative burden. They did not have the need for a full Invoice Finance facility, but still wanted a solution in place in case of need. LedgerLite was the perfect solution for this business, as is gives them the flexibility to use as little or as much as they require, with reduced need for admin. We supported the business with a £650k facility to support them going forward.
Sector: Print
Turnover: £2m
Facility Limit: £125k
This ambitious printing business was previously using an Invoice Discounting facility, but due to benefitting from a Bounce Back Loan, the Invoice Discounting facility became redundant to them. They still required funding from time to time, but the bank would not provide an overdraft for sporadic cashflow needs. A £125k LedgerLite facility now allows the business to draw funds against their invoices as and when they need to.
If you would like to read a more in-depth case study, please click to read about our partnership with Pin Point Recruitment.
To hear about more of our LedgerLite clients, please get in touch at info@skiptonbf.co.uk.