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INVOICE FACTORING – AN ALTERNATIVE SOURCE OF FUNDING FOR SMEs

PAC HOLDINGS > Uncategorized > INVOICE FACTORING – AN ALTERNATIVE SOURCE OF FUNDING FOR SMEs

“Winning at Business during COVID 19” was the theme of Nigeria British Chambers of Commerce (NBCC) Webinar sponsored by Factoring and Supply Chain Finance Limited, a premier Receivables Finance Company in Nigeria.

In his comments, the CEO of the firm, Lanre Bakare shed light on the numerous benefits of Receivables Financing in such a time as this. He noted that Receivables Financing presents an alternative to the mainstream Financing options especially for SMEs.

Since the inception of the Pandemic, we have seen a disruption in supply chain and a continuous depreciation of the naira. Receivables Financing will serve as an intervention to keep SMEs in business, cushion the adverse effects of the Pandemic and protect fragile businesses.

“Early payment is better than borrowing” he says. SMEs contribute not less than 48% of GDP, 90% of businesses and 84% of employment being created in the economy. SMEs with credible counterparties should have a platform where they can discount their invoices to stay afloat in a time like this.

“The greatest financial relief anyone including the government can give SMEs in a time like this is a funding window that will accelerate the payment of over-due Invoices and their account receivables”, says Bakare.

Factoring and Supply Chain Finance Limited is a PanAfrican Capital Holdings Company with a special focus on Receivables Financing, Invoice Factoring, Supply Chain Finance and a wide range of Trade Services.