Invoice Factoring industry continues to grow across EU

Factoring is proving a valuable source of external finance for SMEs across Europe

The EU Invoice Factoring industry has continued to grow across European economies over the first half of 2012, a new report from the EU Federation for the Factoring and Commercial Finance (EUF) has revealed.

Despite tricky economic conditions proving an obstacle to growth and development for many, the industry grew, in terms of volume, by just under 4%.

Growth was slightly lower than the first half of 2011, however the EUF suggested that growth of any sort in the current environment indicated the importance factoring has to SME businesses.

Almost €560bn of client turnover was supported and funded by the invoice factoring and commercial finance industry during the first half of 2012.

Independent Chairman of the EUF, John Gielen, felt the figures showed just how valuable the industry was to SMEs and small businesses across Europe: “We are delighted that despite the overall very difficult economic climate, our members have managed to increase the level of support they provide.”

“We continue to urge governments and all influential partners to take note of the benefits of invoice factoring and commercial finance”, he concluded.