Sir The Asset Based Finance Association (ABFA) disagrees
with the viewpoint of Eric Anstee and his assertion last month that banks are
withdrawing existing factoring arrangements for SMEs. The ABFA’s members are not
generally withdrawing factoring arrangements and not lowering the percentage
value of the invoices to be repaid.
Asserting that many banks are reducing the percentage value from 90% to 50%
is simply not true and we are not seeing this from our members. Instead, our
members are committed to helping SMEs and are continuing to support businesses
through providing a wide range of factoring facilities.
Kate Sharp, chief executive, ABFA
Eric Anstee replies: Obviously Kate Sharp has a different
perspective, but as a corporate finance adviser I am seeing a number of
situations where banks continue to call this type of facility or reduce cover.
I have two specific cases which are now in administration or have been sold from
administration due to the banks’ view on the future.
I am gratified that, in future, where companies are facing this issue, they
can call Kate and she will presumably follow up with her members. I am happy for
you to publish this view in response as it may help some struggling SMEs.
for the original article.
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