SME > Loans > Factoring
Factoring
 

        Factoring provides working capital and so is a liquidity solution for your business. With this facility, a corporate client can sell your accounts receivable to the Bank at discount after delivery of goods and services and issuance of invoices with 10 to 120-day credit terms to your customers. Factoring is conducted based on the Bank’s purchase of trade documents (including invoices, shipping documents, tax invoices, bill issues, and the like) and the borrower’s assignment of sales proceeds to the Bank. The Bank will advance 70%-90% of invoice proceeds to you within 1 day after receipt of the trade documents, whereby the remaining 10%-30% of the sales proceed will be credited to your account once the buyer under your trade documents pay for the goods and services to the Bank.


Benefits to a Borrower
 
  • Working capital and liquidity enhancement to corporate clients.
  • No need for fixed asset security other than accounts receivable.
  • Accounts receivable and so buyer quality review and screening services, which further reinforce your business growth confidence.
  • Accounts receivable collection services, which is time-saving and cost-efficient for you.
 
Required Document
 
>> Individuals
  • Copy of identification card
  • Copy of house registration
  • Copy of name/ surname change certificate (if any)
  • Copy of marriage certificate (if any)
  • Personal income tax form
  • Copy of agreement to sell or to buy or deposit agreement
  • A schedule of collaterals and related documents
  • Updated bank statement of at least the past 6 months
>> Juristic Persons
  • Copies of identification card(s) of the juristic person’s authorized director(s)
  • Copy of affidavit of the company or limited partnership
  • Minutes of the shareholders’ meeting and resolutions of the meeting to enter into credit facilities agreement with and/or open an account with the Bank
  • Updated 3-year historical financial statements of the juristic person
  • Corporate tax identification card
  • Corporate income tax form
  • Copy of agreement to sell or to buy or deposit agreement
  • A schedule of collaterals and related documents
  • Updated bank statement of at least the past 6 months


 
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