URICA & the EIA (Engineering Industries Association) have announced a partnership to drive access to funding in the Engineering Sector. Born out of deep frustration by the Banks’ lack of financial innovation for SME’s, URICA has re-written the rules!
By providing early cash payments for supply invoices, without any need for debt, security or personal guarantees, URICA’s early payment system has provided DJJ with a strengthened ability in the supply chain. It’s not invoice discounting – nor is it factoring, financed by the Government via the British Business Bank and RSA, URICA was developed by business people for business people. It’s simply releasing our own cash, whilst giving us the benefit to offer much longer credit terms to our customers. It means we can pay our own suppliers earlier, purchase new equipment to win contracts, purchase the enormous material stocks required by such global contracts…..Everybody benefits!
“Cash flow and finance are vitally important to enable SME’s to invest, export and expand their businesses” said Sir Ronald Halstead, EIA President. “Engineering is a growing UK industry, with export demand stronger year on year, and we see our partnership with URICA as an opportunity to support our members and their continued growth in this industry”
URICA offer eligible SME’s credit lines of up to £2million. This credit will now enable smaller manufacturing companies to ‘join the party’ and get involved. What was once absolutely unaffordable – is now completely possible. The URICA system has enabled DJJ to consider much larger global production contracts, ordinarily out of reach, whilst helping to boost growth in the industry, and open up brand new trade opportunities. It will certainly strengthen the supply chain, allowing access to once shunned contracts, caused by financial restraints…. at long last!
Press release: 24th January 2017
Contact: Shirley Jones (DJJ) for more information
Contact: Shirley Jones
Sales & Marketing Director
DJJ Precision Engineering Ltd
+44 (0) 1495 760561
Posted by Shirley Jones
on 26th Jan 2017