Santander launches Corfo-backed factoring for SMEs
Santander Bank are preparing to launch a new tool for working capital financing that is to benefit more than 100,000 Chilean SMEs that have an annual turnover of up to 2.2 billion pesos. CORFO (Corporación de Fomento de la Producción) factoring is a programme whereby the bank will grant advances to SMEs that produce amounts on their bills, so that they do not have to wait for the cancellation of their debtors on time. James White, leasing and factoring manager of Santander, said: “Ninety per cent of SMEs invoice and sell at 60, 90 or 120 days and have to wait all those months [before they can] collect [their] money.
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