FDA’s Second Quarter Figures Show Continued Growth in Factoring and Invoice Discounting
The FDA has released its Second Quarter 2002 figures. They show over Ј7.2billion of funding is being provided to UK businesses and substantial growth in invoice discounting - up 19 per cent since June 2001. The continued growth across the factoring and invoice discounting sector is now challenging the overdraft as the traditionally preferred form of funding for SME growth. According to the British Bankers’ Association overdraft lending to small businesses continues to decline. It has decreased by 68 per cent in the last ten years to Ј10.8billion in March 2002.
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