Over the past two years, the turnover of factoring went up 2.1 times, from LTL 2.672 bn in 2003 to LTL 5.658 bn in 2005.
The turnover grew by 56 per cent from 2004, when it stood at LTL 3.628bn, Lithuania’s Leasing Association reports.
"Last year’s growth of factoring was caused mainly by a growing interest of small- and medium-sized enterprises (SMEs) in factoring and the bank’s consistent policy towards SMEs. More and more small and starting entrepreneurs are recognising the benefits of factoring and using this service. The growth of factoring was also considerably affected by high competitiveness of local exports and general macroeconomic trends," said Justas Babarskas, head of the Trade Financing Division at bank Ukio Bankas. Source: Verslo Zinios
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