Factoring services small firms
Print Edition
SHANGHAI said yesterday that it will allow more companies to provide factoring services to improve financing for small businesses.
Small businesses can sell accounts receivable to the factoring companies which will provide trade financing for them, share risks and help manage and collect their receivables.
Since 2012, 66 factoring companies have been running in the Pudong New Area as well as Huangpu, Xuhui, Jiading, and Qingpu districts under a trial.
The program will be expanded to embrace more specific regulations, a Shanghai city government standing committee meeting statement said yesterday.
The program could boost liquidity of small companies and develop a credit system for them, the statement said. Previously, only banks were allowed to provide factoring services.
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