Data collated by the EU Federation for the Factoring and Commercial Finance Industry (EUF) shows that in the first half 2019 factoring and commercial finance volumes in the EU grew by 9.3% from 2018 to €896 Billion.
That represents 11.2% of EU 28 GDP This continued growth again clearly outpaces the subdued increase in GDP across Europe and demonstrates the vital role Factoring and Commercial Finance is playing in developing the real economy, providing principally SME businesses with much needed working capital.
The EUF is delighted to be able to share this success story which is about real growth, real employment and demonstrable business success.
Mrs Françoise Palle-Guillabert, Chairman of the EUF, noted: “Following the impressive growth for our Industry in 2018, I do appreciate to report this continued success in building support for businesses right across the spectrum within the EU28. Factoring and Commercial Finance is a real contributor to economic development and these results again reinforce our message to legislators and regulators: in delivering European wealth creation, this Industry has a key role to play.”
The EUF is the Representative Body for the Factoring and Commercial Finance Industry in the EU. It comprises national and international industry associations that are active in the region. Its members represent 97% of the Industry turnover.
The EUF seeks to engage with Government and legislators to enhance the availability of finance to business, with a particular emphasis on the SME community. The EUF acts as a platform between the Factoring and Commercial Finance Industry and key legislative decision makers across Europe, bringing together national experts to speak with one voice.
Data has been adjusted to ensure that currency exchange rate fluctuations do not distort the results.