The FDA has released its 2002 Annual Figures on the factoring and invoice discounting industry showing that the UK market has become a Ј100billion industry, with over 30,000 SMEs now turning to invoice finance as an alternative to more traditional funding options. In the last year the number of SMEs using factoring and invoice discounting has risen by 10 per cent from 30,500 to 33,500.
The 2002 figures also showed a significant 22 per cent increase in the use of invoice discounting compared with a year earlier – further demonstrating that invoice discounting is continuing to increase in popularity amongst SMEs and corporates. Factoring has also shown strong growth, now handling a new record Ј17.2billion to over 17,000 SMEs.
