USAID Hosts Regional Conference on Factoring as an Alternative Tool for Small Business Finance

Factoring Conference
Speakers at USAID's Regional Conference on Factoring
Factoring Project

For Immediate Release

Tuesday, May 14, 2019

Today, May 14, 2019, the USAID Factoring Project, in collaboration with Factor Chain International, the Economic Chamber of Macedonia, and the Macedonian Banking Association, hosted the first regional conference on factoring as an alternative tool for financing micro-, small-, and medium-sized enterprises (MSMEs). The main goals of this regional conference are to increase the understanding and use of factoring among MSMEs, and encourage domestic financial institutions to adopt best practices for trade finance and supply chain factoring.

In her address to the audience, USAID Acting Country Representative in North Macedonia, Ms. Gretchen Birkle, noted that “Factoring has tremendous potential to help business growth. As a practice, it offers immediate and affordable liquidity to micro, small, and medium sized businesses, which in turn enables them to increase production, sales, and revenues. With assistance from our project experts, we have already helped 60 companies in North Macedonia obtain factoring finances.” 

Deputy Prime Minister in Charge of Economic Affairs, Mr. Koco Angjusev, pointed out that “Support for micro, small and medium companies, which are key drivers of the economy, is of utmost importance when it is realized in any form. Their development implies development of the overall economy. Hence, any tool that helps in maintaining the growth and development of the companies should be recognized and applied to its maximum potential.”

The USAID Factoring project is a three-year activity aimed at accelerating the growth of small- and medium-sized enterprises (SMEs) by increasing their knowledge and use of factoring services, improving the regulatory environment for the use of factoring, and strengthening SMEs’ financial management knowledge and practices. The project is implemented by Faktor Trust, a local factoring company. For more information please contact factoringproject@faktortrust.com.mk

NOTE TO EDITORS:

The American people, through USAID, have invested more than $640 million in North Macedonia since 1993. USAID is the world’s premier international development agency and a catalytic actor driving development results. USAID’s work advances U.S. national security and economic prosperity, demonstrates American generosity, and promotes a path to recipient self-reliance and resilience. For more information visit https://www.usaid.gov/north-macedonia and USAID’s Facebook page https://www.facebook.com/USAIDNorthMacedonia/.

Factor Chain International (FCI) was set up in 1968 as an umbrella organization for independent factoring companies around the world. Today it has grown into the world's representative factoring network and association with close to 400 members in 90 countries. When FCI started, domestic factoring was only available in North America and a few European countries. The concept of cross-border factoring was still new and restricted by its lack of geographic reach. Recognizing the potential for international factoring, the founding FCI members realized an umbrella organization was needed, firstly to introduce factoring in countries where it was not yet available, and secondly to develop a framework for international factoring that would allow factoring companies in the country of the exporter and the importer to work closely together. Today, FCI is he global representative body for the Factoring & Receivables Finance Industry.

Last updated: June 20, 2019

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