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2014-06-10

Direct factoring facility for MSMEs

As per the latest e-newsletter of the Federation of Indian Small, Micro and Medium Enterprises (FISME), the Export Credit Guarantee Corporation of India (ECGC) will provide a direct factoring facility for MSMEs in the current financial year to help them meet their working capital requirements without having to approach banks.

As per the latest e-newsletter of the Federation of Indian Small, Micro and Medium Enterprises (FISME), the Export Credit Guarantee Corporation of India (ECGC) will provide a direct factoring facility for MSMEs in the current financial year to help them meet their working capital requirements without having to approach banks.

 

Factoring is a financial management service in which a business sells its accounts receivable at a discount to a third party funding agency to raise capital.
 

The Reserve Bank of India (RBI) had earlier proposed to dematerialise and discount micro, small and medium enterprises' bills through reverse factoring to address the problem of delayed payments to the sector from their large-sized buyers.


ECGC recently introduced a new country-risk rating for the benefit of MSMEs. The gross premium collection of ECGC had gone up by over 12 per cent to Rs 1,305 crore in the year ended March 31, 2014, compared to the year-ago period.

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