The increase in the product "Factoring" over the past year has almost doubled at FUIB.
Thus, at the beginning of 2018 the growth was 248 million UAH, while the share of small and medium business customers using this product increased by 10%.
The popularity of factoring financing at FUIB is primarily related to the convenience and speed of operation of enterprises with this tool. The mechanism of factoring is simple: the company delivers goods to customers or renders a service, transfers a shipment document to the bank, receives financing from FUIB and works further, thereby ensuring uninterrupted deliveries of goods/services and timely repayment of debt to the bank which is provided by the buyer of goods/services.
Today, the number of SME-segment clients working with FUIB's postponement of payment is 67%. Factoring allows SMEs not only to obtain financing for working capital at a quite low cost, but also to obtain the support of the bank in relations with the buyer: to obtain a certain payment guarantee under the contract which is transferred to factoring, as well as a free service of administration of receivables from the bank.
With such indicators, FUIB takes a leading position in the factoring market in Ukraine among banks, despite the fact that it is relatively a newcomer to the lending to small and medium-sized businesses.
"Such a high demand for factoring financing among the bank's clients is due to the loyal terms of its provision, both in terms of value and in terms of time. We make a decision to set a limit for financing within up to 5 days with a minimum package of documents without collateral and guarantee", comments Oleksiy Volchkov, FUIB's Deputy Chairman of the Board.
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