· Cim Finance has set up a “Special SME Factoring Scheme”, in
partnership with the “Investment Support Program” initiated by the
Mauritian government.
· This plan will ensure access, subject to presentation of
supporting documents, to rapid financing to gain access to working
capital necessary to continue their operations
Cim Finance has set up a “Special SME Factoring Scheme”, in
partnership with the “Investment Support Program” initiated by the
Mauritian government. This “no guarantee required” plan aims to help
Small and Medium-Sized Enterprises (SMEs), with an offer of loans
with a concessional interest rate of 2.00% per year until September
30, 2020. The funding will be capped at 90% of invoices (receivables)
and will be disbursed in 24 hours.
This plan will ensure access, subject to presentation of supporting
documents, to rapid financing to gain access to working capital
necessary to continue their operations. Factoring is a powerful
financing tool, which can help SMEs to have access to funds, which are
locked up with other firms as receivables by sale of products and
services, after issuing invoices. The factoring company normally
extends 90% of the receivables and the responsibility of collection of
the outstanding amount will be that of the factoring company, for that
it will charge a fee of 10% or so. The advantage of the SMEs is that
it will not have any cash flow program since the factoring company
buys the instrument and in this case the invoice. CIM Finance will
work in collaboration with the government and other agencies. This
scheme has special importance during Covid-19 days since there is a
possibility of funds getting blocked up because of the supply
disruptions.
