Factoring and Commercial Finance grows again sustaining economic recovery in the EU
Final analysis of data collated by the EU Federation for the Factoring and Commercial Finance Industry (EUF) shows that factoring and commercial finance volumes in the EU grew overall in 2014 by almost 7.5% to over €1.37 Trillion.
This higher rate of growth compared to the previous year clearly outstrips the increase in GDP in Europe as a whole and demonstrates the vital role factoring and commercial finance is playing in developing the real economy, providing principally SME businesses with much needed working capital. This success story is about real growth, real employment and demonstrable business success in supporting the recovery. More than 160,000 businesses are now benefiting from combined funding in excess of 170 Bn Euros.
With factoring and commercial finance now representing around 10% of EU GDP, this is a powerful and important contribution to EU economic development and success.
John Gielen, Chairman of the EUF, noted: "Once again, we have seen the growth of the Industry turnover demonstrating a strong signal of the importance and value of this type of funding. We in the Industry are delighted to see this successful contribution to economic growth and recovery. We look forward to continued contribution to building financial strength as more and more people become aware of the real benefits that this funding provides".