First Ukrainian International Bank (FUIB) has become one of the leaders among Ukrainian banks in terms of volume and growth rate of factoring financing.
Thus, the portfolio of factoring operations by FUIB exceeded 755 million USD, and the growth performance was more than 100% since the beginning of the year. Currently factoring financing in the small business segment makes about 50% of the loan portfolio of the bank.
“At a time when Ukraine reduced lending and the corporate sector, in particular, small and medium enterprises are in dire need of funds, FUIB following the market trends offers an alternative effective tool for financing, which is factoring. Today, this service is extremely in demand among our customers, especially small business representatives. The best proof of this is the fact that since the beginning of the year the growth rate of the portfolio of factoring operations by FUIB exceeded 100%, moving the bank to the group of market leaders according to this indicator,” Oleksiy Volchkov deputy chair of FUIB said.
Factoring is a convenient and flexible financial tool for companies that work with enterprises on the grounds of deferred payments. This tool is applicable to supplies not only of goods but also of services (transport, repair, etc.).
The cost of factoring services by FUIB does not exceed the market value of services of direct lending to business. However, compared to traditional credit products, the customer does not bear the cost of registration of mortgages, also reduced the time required to conclude a deal with the bank. In addition, factoring financing does not require collateral and guarantees prompt provision of funds up to 7 business days from the date of application.
For registration of factoring services it is enough to provide a minimum package of documents, i.e. a contract with the debtor and accounting documents confirming the delivery of the goods or services.
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