PRN Funding, LLC received the results of The Commercial Finance Association’s (CFA) Annual Asset-Based Lending and Factoring Surveys last week, and we wanted to share some of the interesting information with The Factoring Blog’s readers. (Please note that there were 100 asset-based lenders and factors who participated in the surveys.)
– The total factoring volume for all reporting CFA factoring members was $90.1 billion in 2007, a 3.1% increase over 2006.
– The Northeast (CT, DE, MA, ME, NH, NJ, NY, PA, RI, VT) represented the major regional market (43%) for factoring in terms of volume.
– The majority of the 2007 factoring volume came from the following industries: textiles, apparel and furniture.
– Retailers accounted for most of the customer (account debtor) base in 2007.
– 83% of factoring was performed on a notification basis in 2007.
– 77% of the total 2007 factoring volume involved clients selling goods to retailers.
– Brokers (cash flow consultants) were the major source of referrals for new factoring clients.