First Ukrainian International Bank (FUIB) has increased its factoring portfolio almost twofold.
Thus, as at November 30, 2018, FUIB's factoring portfolio was over 1 billion UAH, which is 60% higher than the size of its portfolio as at the beginning of the current year. With such figures, FUIB occupies the fifth position among Ukrainian banks, and its market share is more than 25%.
Factoring is a convenient financial tool for companies that work with businesses on the terms of deferred payment. Not only is this tool applicable to the supply of goods, but also to the provision of services (transportation, repair, security, cleaning and other services).
In order to obtain factoring services, you only need to provide a minimum package of documents, that is, a contract with a debtor and the accounting documents confirming the delivery of goods or services. Factoring financing does not require collateral and guarantees prompt supply of funds within 5 working days of the date on which application for the provision of factoring was submitted. In addition, FUIB provides an opportunity to work with e-factoring either through bank's electronic platform or using other electronic platforms from accredited bank partners.
Today, the number of SME clients working with FUIB's factoring is 47% in the total factoring portfolio, and they include more than a thousand companies. Not only does this product allow SME companies to obtain working capital financing at a fairly low cost (not higher than the cost of lending), but also to enlist bank's support in their relations with a buyer: to receive a certain guarantee of payment under a contract for which factoring is provided, as well as a free receivables administration service and currency risk hedging service, since clients receive funds from the bank almost immediately and do not have to wait for the expiration of a grace period under a contract.
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