The Hungarian Factoring Association was established in mid 2003. Currently it has 19 associate members, credit institutions and financial enterprises.
Nowadays factoring in Hungary is far from
being a marginal financial service, on contrary, it is a substantial constituent of short-term financing. Estimated by the Hungarian Factoring Association financing by factoring currently provides approximately 10 % of short-term bank loans to SMEs.
The companies who joined hands in the Association have defined the following objectives as principal to their operation:
- They wish to make a statement in every question concerning factoring services in Hungary. They aim to
provide legal and accountancy background and to call attention to this young branch of business.
- They put great emphasis on making the advantages of factoring services more widely known among small and medium-sized companies, their being the natural clients of factoring companies, thus strengthening trust in this financial service. To achieve these goals, the Association draws on media and every professional panel.
- The Association maintains relations with
the authorities, partner associations (Banking Association, The Hungarian Leasing Association, etc.), the Hungarian Chamber of Commerce and Industry, and other professional associations.
- Our long term goals include lectures, consultative panels, domestic and foreigntrips for exchanging experience, organisation of educational programmes for the employees of factoring companies and for the experts of the future.