The latest figures from the Institute for Factors and Discounters have revealed a 12.9% increase in Factoring Turnover for the June 2010 quarter when compared to the same period in 2009. Factoring Receivables also increased this quarter by 11.2%.
Western Australia has experienced the most growth this quarter, with factoring turnover increasing by 48%. Victoria also experienced a significant increase of 22.4% when compared to the June quarter for 2009. Further, manufacturing led Factoring Turnover for this quarter with 24%, Labour Hire had 22% and Wholesale Trade had 18%.
Over the past 10 years the Debtor Finance industry has continued to improve with Factoring Turnover increasing by 56%. In the last year in particular, this growth is a result of tougher lending conditions for SMEs and an increase in product awareness. Where many types of funding have been withdrawn from the market during the GFC, Debtor Finance has continued to support with its fast and flexible funding.
Posted on 21 September 2010