UniCredit Factoring launches a new specialized product for financing of companies from construction, machinery building and chemical industries

UniCredit factoring starts to offer new credit line for easy financing of companies from the machinery building sector and chemical industry.

According to the informal survey of UniCredit factoring, one of the obstacles before companies from this business sphere is that they receive money with a delay of 45 to 90 days after the invoices was sent toward a client. This delay makes difficulties when managing of cash flows.

Using the new product companies from the construction, machinery building sector and chemical industry can receive immediately advance payment of up to 95% from the invoice cost toward their clients. Instead to wait 90 days their clients to pay, companies can use the cash to pay staff wages, discounts to loyal clients or further investments.

In this way the new product of UniCredit Factoring assists to constriction and machinery building companies and chemical industry in order to sale more, produce more and profit more.

Concerning the requirements toward companies – they should have annual turnover of more than BGN 2 000 000 and qualitative clients. In order to receive financing, companies should submit an application using UniCredit Factoring form, to present actual financial reports and contracts with clients and to send copy of invoices toward their clients. UniCredit Factoring buys up these invoices and grants up to 95% from the financial resources in advance. When clients of these companies from the construction sector, machine building sector and chemical industry pay then UniCredit Factoring pays off the rest of invoices.

UniCredit Factoring is Bulgaria’s the first and biggest factoring company, part of UniCredit Group. In 2006 UniCredit Factoring reached turnover of BGN 400 mln /in comparison the whole factoring market turnover in Bulgaria is around BGN 450 mln/. UniCredit Factoring has more than 200 clients. Expectations of Filip Genov executive director of UniCredit Factoring are that the company’s turnover will exceed BGN 500 000 as of the end-2007.