{"id":602121,"date":"2019-03-19T03:55:33","date_gmt":"2019-03-19T03:55:33","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/19\/factoring-could-provide-the-solution-to-close-the-sme-funding-gap-afreximbank\/"},"modified":"2019-03-19T03:55:33","modified_gmt":"2019-03-19T03:55:33","slug":"factoring-could-provide-the-solution-to-close-the-sme-funding-gap-afreximbank","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/19\/factoring-could-provide-the-solution-to-close-the-sme-funding-gap-afreximbank\/","title":{"rendered":"Factoring could provide the solution to close the SME funding gap- Afreximbank"},"content":{"rendered":"

The second-oldest profession could help SMEs grow in Egypt and Africa: <\/b>Factoring could be a viable and sustainable solution to address the funding gap for SMEs in Africa and help them grow, the African Export-Import Bank (Afreximbank) hasstated<\/a>. Africa accounted for less than 1% of global factoring volumes in 2017, although it has shown rapid growth in concentrated areas, including Egypt, Tunisia and Morocco. But senior members of the bank have argued that factoring is an important alternative to other financing solutions, such as bank loans, and could help to overcome impediments such as a lack of access to appropriate finance. Factoring volumes across Africa are predicted to reach some Euro 200 bn by 2021.<\/p>\n

So what is factoring? <\/b>Sell your invoices at a discount to a third party \u2014 called a factor \u2014 who goes on to collect them instead of you. As factors effectively extend credit to the customers of a business, the financial status of the business itself won\u2019t necessarily be of concern to the factors. This means that businesses that do not qualify for loans, for instance, may still be able to factor \u2014 as long as their customers are creditworthy.<\/p>\n","protected":false},"excerpt":{"rendered":"

The second-oldest profession could help SMEs grow in Egypt and Africa: Factoring could be a viable and sustainable solution to address the funding gap for SMEs in Africa and help them grow, the African Export-Import Bank (Afreximbank) hasstated. Africa accounted for less than 1% of global factoring volumes in 2017, although it has shown rapid […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,593,287,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-602121","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-factoring","tag-smes","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"9eb1c447-e334-43cf-9111-a623d92873c6","is_powered_by":true,"section_story_id":"ee17c50d-1d0d-46ec-8e95-f113d59896f9","story_type":"1","photo_url":"","photo_position":"above","related_issue":[602102],"teaser":"","voice_url":""},"yoast_head":"\nFactoring could provide the solution to close the SME funding gap- Afreximbank - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/19\/factoring-could-provide-the-solution-to-close-the-sme-funding-gap-afreximbank\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Factoring could provide the solution to close the SME funding gap- Afreximbank\" \/>\n<meta property=\"og:description\" content=\"The second-oldest profession could help SMEs grow in Egypt and Africa: Factoring could be a viable and sustainable solution to address the funding gap for SMEs in Africa and help them grow, the African Export-Import Bank (Afreximbank) hasstated. 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Tarek Fahmy had said last year the company planned to begin offering factoring and leasing services the first quarter of this year.","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":596191,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/20\/at-lease-to-launch-factoring-sme-focused-leasing-services-in-1q2020\/","url_meta":{"origin":602121,"position":2},"title":"AT Lease to launch factoring, SME-focused leasing services in 1Q2020","author":"enterpriseam admin","date":"20 August 2019","format":false,"excerpt":"Al Tawfeek Leasing is planning to begin offering factoring and leasing services for SMEs during 1Q2020, CEO Tarek Fahmy has said. The company had been planning to launch these services before the end of the year.","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":628051,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/24\/house-approves-leasing-and-factoring-act\/","url_meta":{"origin":602121,"position":3},"title":"House approves Leasing and Factoring Act","author":"enterpriseam admin","date":"24 June 2018","format":false,"excerpt":"LEGISLATION WATCH- House approves Leasing and Factoring Act: The House of Representatives gave its final approval to the Leasing and Factoring Act during a plenary session yesterday, Al Masry Al Youm reports. The law, which regulates leasing and factoring as non-banking financing tools that are subject to oversight by the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":569259,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/18\/efg-is-looking-to-consolidate-its-leasing-and-factoring-arms\/","url_meta":{"origin":602121,"position":4},"title":"EFG is looking to consolidate its leasing and factoring arms","author":"enterpriseam admin","date":"18 February 2020","format":false,"excerpt":"EFG Hermes is looking to consolidate its leasing and factoring arms into one entity, EFG Hermes Leasing CEO Ahmed El Kholy tells the local press. The company\u2019s current financial leasing portfolio is worth some EGP 3.5 bn, 16% of which is focused on SMEs.","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":631877,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/29\/efg-hermes-receives-green-light-to-launch-factoring-business-plans-to-bring-it-online-by-3q2018\/","url_meta":{"origin":602121,"position":5},"title":"EFG Hermes receives green light to launch factoring business, plans to bring it online by 3Q2018","author":"enterpriseam admin","date":"29 March 2018","format":false,"excerpt":"EFG Hermes has received regulatory approval to offer factoring services in the Egyptian market this year. 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