Nicaragua: $2 Million SME Factoring Project

Through an agreement with the IDB's Multilateral Investment Fund (Fomin), the company Credifactor will offer factoring (selling invoices at a discount) services to small and medium sized enterprises.

Friday, August 6, 2010

The total cost of the project is approximately two million dollars, which will enable Credifactor to develop its capabilities, carry out training and expand its services across Nicaragua.

The aim is to generate a $16.6 million portfolio of factoring services for SMEs.

Mauricio Pierson, Credifactor's president, commented that, "this project is important both for the company and for the Nicaraguan population since by factoring its invoices the SME sector will gain better access to traditional banking," reports Elnuevodiario.com.ni.



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Getting cash by discounting accounts receivable is a form of credit which has increased by 160% in the past two years.

In April 2011 the 18 companies grouped under the Costa Rican Chamber of Factoring Companies managed a portfolio of $177 million, which is double the amount recorded in 2009. In June 2012, the business of factoring in Costa Rica amounted to about $220 million.

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The U.S. company Factor Brokers is offering to pay 80% of the bill when the goods are delivered, and the remaining 20% when the buyer completes payment.

Charles Harding, a representative of the Office of Business Development for Latin America and the United States said that this novel service is international factoring.

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The 18 companies that make up the country's Factoring Chamber now manage a $177 million portfolio, double the level recorded in 2009.

The largest growth is in the small and medium-sized enterprise (SME) sector, which has increased its supply of services to Costa Rica's government and transnational companies.

Factoring in Panama

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The factoring industry in Panama (selling invoices at a discount) has grown to $100 million a year.

When the time lapse between credit sale and collection is longer than what the creditor can usually afford, factoring becomes a good option to have cash at hand to sustain day-to-day operations.

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