The momentum behind early payments and the push to support cash flow for small businesses has never been greater. Even the negativity surrounding the collapse of Greensill cannot take away from the fact that releasing payments is a lifeline for millions of SMEs.
The Federation of Small Businesses estimates that 61% of employees in the private sector work for SMEs and yet the Small Business Commissioner has identified that 20% of small businesses run into cash flow issues as a result of late payment. This leads to firms going out of business and the loss of thousands of jobs.
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