Bank of Scotland has strengthened its support for businesses across Scotland with the appointment of a new area director within its Global Transaction Banking team.

Jim McFadzean has taken up the position to lead a six-strong team of Invoice Finance specialists based out of Edinburgh.

In his new role, Jim will work with senior managers and the specialist Commercial Banking teams to support businesses with a turnover of up to £25 million with their working capital requirements, and specialising in Invoice Finance, a funding option that can help firms to access working capital tied up in unpaid invoices.

With a career spanning 31 years at Bank of Scotland, Jim has 10 years’ experience working as part of the Invoice Finance team.

Jim said: “We have been seeing signs of a pick-up in demand for Invoice Finance amongst Scottish businesses during 2015, reflecting the increasing interest in alternative forms of finance amongst companies across the country.

“Research carried out by Bank of Scotland last year found businesses in the UK were owed £291 billion in unpaid invoices, and invoice finance in particular is becoming more popular among companies that recognise it as a cost-effective means of releasing cash from these outstanding bills.

“As a bank, we are committed to providing support to Scottish firms through working capital solutions and this is clearly an exciting time to get to know businesses and help them to meet their ambitions.”