Union Bank launches factoring solutions for SMEs

Delivering on its value proposition in delivering innovative banking  solutions and in keeping with the Bank’s premise for superior customer service, Union Bank of Colombo PLC (UBC) launched  Union Factors, yet another value added service to enhance the product offering to the Small and Medium Enterprises, enabling even greater convenience and efficiency to conduct business operations.

The Factoring Service of Union Bank, offers a speedy and efficient service to customers and provides cash upfront up to 85% of the invoice value for credit sales, as well as manage the customers receivables, enabling customers to focus on their business operations and take advantage of market opportunities, rather than spend time managing debtors, says Union Bank Manager, Factoring Dulina Seneviratne.

Business entities require cash to finance the working capital requirements as the business grows. By taking advantage of the benefits of Union factors, customers can conduct efficient debt collection, pay off loans and other debts, carry out professional sales ledger management, meet seasonal demands, purchase inventory and fill orders faster.

As a preferred bank for SME and retail sectors, Union Bank continues to develop and innovate its service offerings to the segment. Adding value to the bank’s pledge to offer superior customer service, the bank also offers the SME sector Free Advisory Services for entrepreneur development and business managements and also includes areas such as finance, planning, HR, information technology and marketing. This training focuses on enhancing knowledge and skill level of the SMEs on business conduct, handling challenges in a competitive environment and change management.

Union Bank’s focus on the SME sector provides the Bank an edge in a competitive market as a Bank small enough to be flexible to the growing needs of the SME customer and large enough to fuel their success to greater heights. UnionFactors is available at all 32 branches of Union Bank including seven branches in the Northern and Eastern Provinces and will also be available shortly to customers in Chilaw and Ambalangoda where Union Bank’s newest branches will open.