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FUIB was the first among banks to join the Factoring Hub online platform
29 July, Wednesday
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In July 2020, the Factoring Hub platform online was launched. The Factoring Hub online platform was created at the initiative of the Ministry of Economic Development, Trade and Agriculture of Ukraine, Prozoro State Enterprise and the joint efforts of the ReformSupport Team (RST) and the SME Development Office (funded by the EU), as well as a team of volunteer developers. The USAID Competitive Economy of Ukraine (CEU) program, through a grant recipient - Redka NGO - supports the further development and promotion of the online platform, thereby promoting and improving the business environment for small and medium-sized enterprises (SMEs) in Ukraine.

What are the benefits for entrepreneurs?

Factoring Hub is an online solution that combines the process of announcing a tender, submitting offers to SMEs, and providing factoring services by a financial institution.

The online platform allows the entrepreneur to apply and receive factoring offers. After confirming the interest of the business, the information about the lot and its participant is considered by the bank. SMEs reserve the right to accept or reject the factoring terms offered by the bank.
The bank's offer provides for non-recourse factoring (when the factor (bank) assumes all risks of non-payment by the buyer (customer)), obtaining financing - up to 98% of the amount of goods/services provided to the customer, no collateral requirements and 100% receipt of factor offers online.

Who is already there?

JSC Ukrposhta was the first to join the Factoring Hub online platform. As a regular customer in the ProZorro public procurement system, JSC Ukrposhta placed the first announcement in a test mode. From financial institutions, FUIB became the first partner bank. Already now, businesses that are interested in providing goods/services for JSC "Ukrposhta" can participate in tenders with the possibility of factoring.

The goals and objectives of the Factoring Hub project are very ambitious

To develop entrepreneurship in Ukraine, it is necessary to increase the number of SMEs participating in public procurement. These are those SMEs that do not currently consider public procurement as a market, mainly due to the inadmissibility of payment terms (30+ days).

It should be noted that the volume of public procurement of goods and services averages UAH 600 billion per year. Thus, it is a potential increase in sales for SMEs.

The creation of an online platform such as the Factoring Hub provides opportunities for SMEs to expand the range of standard financing methods such as bank loan. The supplier, i.e. the business, will not worry about the lack of working capital to secure the order, because with the factoring service, it, in fact, sells its receivables. And in addition, the business receives payment for work performed or services provided in just a few days.

Thanks to its mechanism, the Factoring Hub online platform quickly and efficiently integrates SMEs, markets and sources of financing for SMEs. In the conditions of the availability of open data on suppliers in the public procurement system, the integration of banking services and factoring is a product that will generate demand.

Participation in the platform is free for SMEs and customers. In the near future, the Factoring Hub will work to attract new participants from both customers and banks. Partners interested in the development of SMEs in general and the market of financial services and online platforms in particular are invited to participate in the Factoring Hub online platform.

 

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