Exchange Rates (5/22/2013)
Union Bank’s factoring service now offers a customized working capital solution to the Small & Medium Enterprises. When you select Union Factors, you can focus on running your business while we manage your receivables.
How Union Factors work?
Union Factors (lender) determines if your business fits its profile. Once the credit of your debtor and the validity of the invoice has been verified, your receivables are analysed After confirmation, the factor advances an agreed pre-payment (up to 85%) of the value of invoice. When your debtor makes the payment to the factoring company as agreed with you and your debtor, a factoring fee is deducted and the balance paid back to you
Why select Union Factors?
- As a SME bank we understand your needs even better
- We pay up 85% of the invoice value immediately
- Collection of receivables
- Attractive rate of interest
- Available across the Union Bank branch network with 7 branches located in the North and East.
- Free SME advisory service on entrepreneur development
Fees & Charges
Discount rate, factoring fee and prepayment percentage will be determined by a combination of the following:
Monthly sales volume, your customer's credit worthiness and geographical disbursement, invoice sizes, and average payment cycle.
The submission of a simple application along with an age analysis of your receivables will enable us to make an indicative quotation.
Manager – Factoring
Tel: 94 11 2374100 (Ext. 120)
Hot Line: 072 7771122