Factoring means aggregate of services rendered by the bank to a company when it assigns its rights to monetary claims (receivables ) to the Bank under invoices issued to its clients (other companies) for goods and services, i.e. You
- sell goods or provide services;
- provide the bank with invoices issued to the beneficiaries;
- receive payment from the bank in compliance with them immediately;
- beneficiaries of your goods and service pay the bank.
What are the benefits of the service?
- You will receive working capital fast and easily not pledging your property.
- You will reduce costs related to the buyers' administration.
- You will be protected against the buyers' insolvency risk.
What are factoring key conditions?
- Factoring agreement maturity - up to 12 months.
- Factoring advance - up to 90 % from the invoice amount.
- Maximum period for invoice settlement - up to 90 days.
- Factoring interest complies with short-term credit interest rates (interest shall be calculated from the advance amount).
Šiaulių Bankas and Lithuanian branch of insurance company Compagnie Française d'Assurance pour le Commerce Extérieur signed the insurance policy according to which marketable credits of the Lithuanian and foreign buyers of the factoring clients are insured.
Where to apply for factoring?
Please do not hesitate contacting the Client Information Centre of Šiaulių bankas by tel. +370 700 1813 (+370 301 337 337 when calling from abroad).