The factoring market
According to data by the Hungarian Factoring Association, factoring services only made up for 2.5 percent of the GDP in 2008, while the same ratio in the EU is almost three times higher. Even more surprising, when considering how much Hungarian SMEs lack capital. A wide range of factoring services is available and many banks founded their own factoring companies. Despite the market contraction, certain factoring firms managed to expand. At the same time, the diminished importance of loans alone cannot create a market for factoring, because the credit rating of potential customers is also of crucial importance. Today factoring is not simply a financing method; it is also a claims management solution. Some factoring companies do not only buy claims, they register and collect them as well. Member companies of the Hungarian Factoring Association realised a turnover of HUF 815 billion for 4,400 clients in 2008. 25 percent of their partners were micro-, 45 percent were small enterprises and the value of the average deal was below HUF 200 million.
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