”The partnership between Instant Factoring and TechVentures Bank SA, a bank that addresses the SMEs, is an opportunity to bring our 100% digital financing solutions closer to those who need them to sustain their business. Tech Ventures Bank will offer its existing and potential SME clients the possibility to transform their invoices into liquidities in just a few hours via a simple process in which the funding application from Instant Factoring can be initiated from the bank’s website, but also from its branches”, declared Cristian Ionescu, Instant Factoring CEO.
According to an analysis made by the White Cart of SMEs for 2020 , 98% of the entrepreneurs said that they felt the impact of the COVID-19 pandemic and that they ran into difficulties like the lack of predictability of the firm’s evolution, decreasing of internal demand and lack of staff.
When the health crisis reached its apex, 63% of entrepreneurs self-financed their economic activities, the access to financing being another difficulty they felt, and only 3.4% of them utilized factoring. Depending on the business size, only 2.5% of the microenterprises, 4% of the small enterprises, as well as 11.3% of the medium enterprises used this solution.
“The Instant Factoring and TechVentures Bank partnership comes as a natural answer to provide access to alternative financing sources to cover the needs of these companies. Therefore, the entrepreneurs can finance their invoices approved for payment by their business partners without waiting to collect them, having access to cash for current remittances and investments. These advantages are also followed by time-saving through the externalization of invoices collection, 52.4% of the entrepreneurs considering that the rapidity of services is the most important criterion when it comes to choosing a financing partner”, adds Cristian Ionescu.
TechVentures Bank set out to provide products and financial services that meet the expectations of its clients whose profile is continuously changing, technologizing having an important role in this process.
“The collaboration with Instant Factoring comes to support the bank’s strategy by the fact we’re promoting online access to the products provided by our partner. At the same time, we widen the range of the financing products that our clients can benefit from, with fast solutions for transforming invoices into liquidities. The common objectives of TechVentures Bank and Instant Factoring for this year are directed at the facilitation of access to financing for as many small and medium companies as possible. We set out to reach as many entrepreneurs as possible so we can get, by the end of the year, a considerable volume of financing”, declared Cristian Alexandru Nae, Deputy General Manager of TechVentures Bank.
The process is exceedingly simple, the application for financing from Instant Factoring IFN SA being initiated from the TechVentures Bank SA website. From the partnership with Instant Factoring IFN SA can benefit the clients of economic entities that either have difficulties managing the cash flow or need concrete solutions for business development.