![]() ![]() Looking at that data, I see many reasons to be bullish about 2021, but first let us see what we learned in 2020. This data allows us to pick up on trends and get a snapshot of which areas are doing well and which are not. Despite this uncertainty, I expect the need for factoring to increase as companies look for financing partners to help them manage their cash flow and keep their businesses running smoothly during these challenging times.Īs a larger-scale factoring and asset-based lending company, eCapital processes more than 125,000 invoices per month for 80 different market sectors. With the recent vaccine news, we look to 2021 with the promise of a new year filled with renewed optimism for a return to normalcy mixed with a healthy dose of concern for the unknown. ![]() We are wrapping up an unprecedented year that was led by the devastating economic fallout and ongoing ramifications of the COVID-19 pandemic. ![]() Therefore, does this present a potential growth opportunity for the factoring industry in 2021? There is a mantra in the factoring industry that says: “Banks look primarily in the rearview mirror with respect to a client’s financial performance, whereas a factoring company looks at the opportunities a company has in the future.” Considering this, as we look to the new year, it’s going to be difficult for banks to evaluate a business’ performance in 2020. After a turbulent year for the factoring industry, Steve McDonald predicts which trends will carry over into 2021, specifically noting that a tightening of bank lending will cause many small businesses to look for alternative financing such as factoring. ![]()
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