After the fall in their factoring turnover in 2020, caused by the almost unbeatable competition of State-guaranteed loans (PGE), it reached record levels in 2021 - 22. In its recent extended annual survey on the French Factoring market, The French Association of Financial Companies (ASF) noted that the good recovery of the industry seen in 2021 has accelerated in the first quarter of the current year with cumulative factoring volumes reaching €380.1bn. Factors took on €98.1bn in new receivables in the first quarter, an increase of 18.4 per cent over the same quarter of 2021.