The Chilean factoring industry expects business volume to grow 20-25% annually for at least the next two years due to more international factoring transactions, says factoring association Achef president Alan Lolic. The local industry moved by US$3.2bn in 2004 and Lolic sees that figure rising by 20-25 per cent this year because of strong SME demand for working capital financing and new regulations facilitating the collection process. New rules were implemented in April, giving invoices the same legal weight as cheques, which now allows factoring firms to take legal action against bad clients. According to Lolic a huge potential is in the international factoring segment, which represented only 9 per cent of local operations last year but which is set to grow by 15-20 per cent in the next few years.
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