NCC and SME Factors Lanka to conduct seminar on factoring

The National Chamber of Commerce (NCC) in association with SME Factors Lanka Ltd is conducting a forum on ‘Factoring For SMEs’ on Thursday, November 5, 2015 from 2:00 p.m. to 5:00 p.m., at t he National Chamber Auditorium, No: 450, D R Wijewardene Mawatha, Colombo 10.

The discussion will be based on the benefits of factoring for the small and medium enterprise (SME) sector and will be addressed by an eminent panel of speakers who has extensive experience in the financial industry.

SMEs play an i ntegral role i n Sri Lanka’s business economy as they amount to 80 percent of all businesses. Factoring provides SMEs with working capital financing. Through factoring, SMEs will be able to increase accessibility to various alternatives of financial support and working capital to grow their businesses.

Cash flow problems in an establishment often occur at the early stages of business development or during rapid growth. Getting a bank loan requires collateral and credit worthiness and this is not always possible. But in factoring, cash advances of around 80 percent can be obtained quickly.

Other benefits are: You can offer credit terms to your customers to increase sales, eliminate overheads by utilizing t he factoring company ledger management and payment collection services; factoring will allow you to grow your business, as sales increase and more money becomes available to you; factoring will benefit the cash cycle management of the SME sector and to seek new business opportunities; with a healthy cash flow, your business will have the working capital to pay salaries, reduce debt, improve vendor relations and focus on potential areas like operations, sales and growth. Further, it will be beneficial and educational to the SME sector with a special emphasis on addressing t heir working capital shortfalls.

A question and answer session will be held where participants will be free to ask any questions and find out more information on factoring and take part in an interesting seminar to start making money.

For registration for the forum contact chamber TP 4741788 Vindya /Nirmani, email fm@nationalchamber.lk.