Eurivex launches in­voice fi­nanc­ing ser­vice to as­sist SMEs with liq­uid­ity is­sues

Financial Mirror (Cyprus) - - CYPRUS -

De­te­ri­o­rat­ing fund­ing con­di­tions for small to medi­um­sized en­ter­prises (SMEs) in Cyprus have be­come a key ob­sta­cle to growth as com­pa­nies strug­gle to find ac­cess to new fi­nance with bank credit ap­provals at their low­est.

This has prompted Eurivex, a lo­cal fi­nan­cial ser­vices com­pany, to launch a trade fi­nance sub­sidiary that of­fers a num­ber of ad­van­tages to clients in need of fund­ing.

The main re­sults of the 19th round of the Sur­vey on the Ac­cess to Fi­nance of En­ter­prises (SAFE), con­ducted by the Euro­pean Cen­tral Bank shows that six out of ten Cyprus SMEs have dif­fi­culty in ac­cess­ing new fi­nanc­ing.

The lack of knowl­edge­able bank staff, tight­en­ing rules, “hid­den” fees, the re­quire­ment to post ad­di­tional col­lat­eral in the form of per­sonal guar­an­tees and mort­gages, as well as long de­lays in credit ap­provals, were cited as fac­tors hin­der­ing SME ac­cess to new cap­i­tal.

Eurivex Trade Fi­nance Lim­ited (www.eu­rivex­fi­nance.com ), a 100% sub­sidiary of Eurivex Ltd, a Cyprus In­vest­ment Firm reg­u­lated by CySEC, is ad­dress­ing this prob­lem by of­fer­ing alternative work­ing cap­i­tal fund­ing so­lu­tions for lo­cal com­pa­nies.

“Our de­ci­sion to pro­vide alternative fund­ing so­lu­tions for Cyprus com­pa­nies has come in re­sponse to wide com­plaints from SMEs re­gard­ing their deal­ings with com­mer­cial banks,” said Shavasb Bo­hd­jalian, Man­ager of Eurivex Trade Fi­nance.

“Sim­ply put, we buy com­pany in­voices for im­me­di­ate cash at very at­trac­tive terms,” ex­plained Athos Kyranides, Head of Trade Fi­nance op­er­a­tions.

Eurivex Trade Fi­nance of­fers three pri­mary ser­vices: In­voice Dis­count­ing, con­fi­den­tial or dis­closed; Fac­tor­ing with or with­out re­course; and, im­port and ex­port fi­nance. The main ad­van­tages of the new Eurivex ser­vices are: - In­crease sales by pro­vid­ing credit to cus­tomers

- No ex­tra col­lat­eral needed, as the fi­nanced in­voices are the only col­lat­eral

- Ex­pe­ri­enced staff who un­der­stand trade fi­nance and fac­tor­ing and are in a po­si­tion to pro­vide so­lu­tions

- Se­cure new busi­ness to ac­cess mar­kets which Cyprus banks are not ser­vic­ing

- Credit lim­its ap­proved pro­ce­dures

- Fully au­to­mated sys­tems, as clients can use the com­pany’s award-win­ning plat­form to up­load in­voices and re­quest im­me­di­ate cash

- Ideal for sales ledger and debtor man­age­ment in­clud­ing on-line ac­cess to cus­tomer re­ports, state­ment of ac­counts,

through

fast

and

flex­i­ble as­sign­ing lim­its and more;

- 24/7 ac­cess by mo­bile or desk­top

- Com­pet­i­tive and trans­par­ent pric­ing, as hid­den costs are elim­i­nated

- Credit In­sur­ance pro­vided against debtor de­fault through the firm’s as­so­ci­a­tion with the world’s largest credit in­sur­ance provider

A com­pany may sub­scribe to the ser­vice by pro­vid­ing the lat­est au­dited fi­nan­cial re­sults, man­age­ment ac­counts, debtors age­ing anal­y­sis and the credit terms it gives to its clients. Eurivex will un­der­take a debtor’s eval­u­a­tion and after the ap­proval of lim­its, ad­vance up to 85% of the in­voice value. Once the in­voice is paid, the re­main­ing 15% is pro­vided to the busi­ness, mi­nus the agreed fees.

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