According to Sber’s press service, SberFactoring will finance suppliers that supply foreign products to Russian retailers.
In this way, unique products in the domestic market will take place on the shelves of the country’s retail chains in a timely and sufficient amount. Anatoly Popov, Deputy Chairman of the Board of Sberbank, said that by the end of 2023 the total amount of financing will exceed 15 billion rubles.
“The need to change the supply model and order goods in advance complicates the financial planning of foreign product suppliers. Retailers usually pay for goods with a deferred payment, while unlike suppliers, an advance payment is required. As a result, companies face a shortage of working capital. “SberFactoring has provided them with financial services worth 8 billion rubles since the beginning of 2023 to help suppliers of imported goods maintain financial stability,” he said.
Popov noted that by the end of the year, the total amount of financing will exceed 15 billion rubles, with the possibility of increasing the limit. Factoring allows suppliers to instantly receive most of the money for shipped products and increase sales.
SberFactoring provides a range of financial services for companies that sell goods and services in futures. The provider provides financing to the factoring company by transferring its right to demand payment from the buyer.