Nations Factors to help businesses grow

Wednesday, 16 March 2011 00:01 - - {{hitsCtrl.values.hits}}

Many businesses today are saddled with inadequate working capital driven by the need to extend credit ranging from 30 to 90 days.

This stifles their growth, and precludes them from capitalising on the many opportunities in the market. Such businesses could look at obtaining a facility from Nations Factors, the factoring arm of Nations Trust Bank PLC.

Through a factoring facility, customers have the opportunity of obtaining up to 85% of the value of the credit invoice upfront while the debtor (entities to whom the customer supplies) could still enjoy the entirety of the credit period.

Sheahan Daniel, Chief Manager Factoring of Nations Trust Bank said “as a nation we are well poised to enjoy a period of prosperity and growth hitherto unseen, fueled by a people enthused by the prospect of freedom and lasting peace. Businesses need to grow: they need to thrive; this translates into enhanced income levels and an improved quality of life for all Sri Lankans. This is where we come in, by allowing businesses to grow and to enter new markets by satisfying the myriad needs of a vibrant customer.”

Nations Factors is no new entrant to the factoring sphere in Sri Lanka. In fact, it is one of the companies that pioneered factoring in Sri Lanka. This wealth of experience that it has amassed over almost a decade in existence is now being enjoyed by its clientele.

Elaborating on the many benefits that customers enjoy Daniel added “Factoring is a working capital tool that can be used by a variety of businesses. Ancillary services offered are sales ledger management, receivables collections and debtor advisory services, thus freeing up internal resources to be put to better use in growing the business. Further, customers have access to their accounts through the Nations Factors web portal around the clock from anywhere on the globe”. He went on to say “Factoring is the ideal product for a business in growth mode, since no tangible security is required. Customers are encouraged to use their collateral to fund long term investments that allow capacity growth; while the working capital cycle has the agility to grow. Our security is the invoice; collateral is not a requirement to obtain working capital through factoring”.

NTB has extended its factoring operations to Kandy, Galle and Negombo in a bid to assist businesses in these areas, and are in the process of expanding the product offering further to outstation areas to reach out to fast developing businesses. With NTB’s innovative 365 day banking and extended banking hours, customers in these areas will enjoy hassle free factoring services offered by experienced and efficient Relationship Managers dedicated to handle even the most complex situations with ease in providing flexible solutions to its customers.