Monday, 21 November 2016 - 14:06
Seylan Bank introduces factoring services as a Smart Business Financing Alternative


Seylan Bank is introducing ‘Factoring Services’, offering a wider choice of working capital financing options in addition to the traditional overdrafts and loans.

In a press release the bank stated that this service is available for any type of business ranging from SMEs, corporate as well as start-ups, and could be obtained speedily with the least amount of hassle.

Its major benefits is the ability to generate Cash flow without debt, by trading the trade debtors with the bank at a discount, and also managing collection costs by allowing the bank to use its expertise in assisting collections on behalf of the customer at a nominal fee.

Speaking about the latest service Deputy Manager- Consumer Finance of the Seylan Bank Delvin Pereira said, ‘Although contemporarily factoring has been considered a facility for start-ups and small businesses, today it is widely used by even large corporates due to the fact that it is not considered as a borrowing, but a mere conversion of debtors to cash making the balance sheet look clean, where any liability accruing to the bank would be of a contingent nature.’

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