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Factoring

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.  

Faktoring benefits
Documents required

Seller's benefits:

  • fast way to supplement the company's working capital and increase its liquidity;
  • business is financed without property pledge;
  • customer payment discipline improves;
  • it becomes easier to plan company's cash flows;
  • debt administration costs reduce;
  • allows using suppliers' discounts offered for prepayments;
  • easier to control - you can offer longer settlement terms to the buyers.

 

Buyer's benefits:

  • allows receiving longer settlement term;
  • easier to attract new suppliers;
  • easier to pay the seller;
  • liquidity increases without additional financing sources;
  • it becomes easier to plan cash flows.

The following documents must be submitted to Šiaulių Bankas

  • a filled in factoring application;
  • agreements with each buyer;
  • annual and quarterly financial statements (a balance sheet, a profit (loss) statement, a cash flow statement, an equity variation statement, an explanatory note) for current and previous two business year;
  • additional documents required by the loan officer taking into account the nature of Your business.

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).