Another quarter of 2021 has proven that entrepreneurs are beginning to perceive factoring as a product providing more than just invoice financing.
The number of customers handled by factoring companies from the Polish Factors Association has increased to 22.6 thousand, which, by analogy, is 2 thousand more than after the third quarter of 2020.
Once again, the industry has noted dynamic growth. Q3 2021 has shown that the awareness about factoring is spreading. The increase in turnover by 24.3% in comparison with Q3 2020 simply confirms it. For the first 9 months of 2021, Polish entrepreneurs have entrusted to factors 15,200,200 invoices worth 256.8 billion PLN.
If we look at turnover as divided by sectors, we will notice that factoring is the most popular among production and distribution enterprises. Not much has changed in this regard; it is worth noticing, though, that according to PFA statistics, 8/10 factoring clients come from those groups.
The growth in the factoring industry not only demonstrates the fact that clients have started to prefer this form of financing. It is also the aftermath of restrictions and tighter criteria for granting working capital loans. What has also been helpful is the factoring limit guarantee program carried out by Bank Gospodarstwa Krajowego. The industry undoubtedly benefits from it and the coming quarters should show a positive trend.
Source: Polish Factors Association
Factoring Product Manager at Comarch