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2012-04-11

India Factoring to boost SMEs across Maharashtra

Aiming for expansion across Maharashtra, factoring major, India Factoring & Finance Solutions Pvt Ltd, a joint venture of the state-owned Punjab National Bank (PNB), along with Malta-based FIM Bank Group, Italy- based Banca IFIS, and Blend Financial Servi

Aiming for expansion across Maharashtra, factoring major, India Factoring & Finance Solutions Pvt Ltd, a joint venture of the state-owned Punjab National Bank (PNB), along with Malta-based FIM Bank Group, Italy- based Banca IFIS, and Blend Financial Services, Mumbai has decided to provide factoring services in cities like Pune, Nashik, Nagpur, Aurangabad etc for entrepreneurs, small and medium enterprises (SMEs) and small-scale industries (SSIs) to provide much needed liquidity for their business which is not linked to their balance sheet.

Factoring is a financial transaction where a business sells his accounts receivables (AR) or bills to a third party called ‘factor', which undertakes the activity of financing the receivables, administrating the debt and collection of the same.

In line to this growth plan, Sudeb Sarbadhikary, CEO of India Factoring said, “with its changing SMEs and SSIs environment, Maharashtra has a gigantic potential to grow small and medium enterprises and small-scale industries and there is a need for factoring and other trade finance services to support them.”

In the present economic scenario, India Factoring is facilitating financial solutions to more than 200 SMEs and SSIs out of its seven offices based out of Delhi, Mumbai, Chennai, Bangalore, Kolkata, Ahmedabad and Hyderabad. This extension will help state SMEs and SSIs to manufacture more products where India factoring will scrutinise the factoring requirement of SMEs and SSIs and address the needs of the small scale entrepreneurs in the region.

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