Increase in the number of factoring brokers expected in 2009

With factoring companies like Bank of Scotland having pulled up the shutters to new business and laid off their sales staff and others like GE Commercial Finance and GMAC just marking time the employment market is being inundated with factoring salesmen looking for jobs. Those few employment agencies that specialise in recruiting for factoring companies have more CVs on their files than ever before but unfortunately there aren’t any vacancies to fill.

The salesmen with proven track records will probably end up with one of the few vacancies that will be occuring in the near future whilst the rest will either leave the industry or try their hand at broking. I fully expect to see an upsurge in inexperienced factoring brokers this year and would suggest that anyone looking at factoring or invoice discounting should enquire a little more deeply than normal into the credentials of their chosen broker and perhaps even make sure that they are members of the Independent Factoring Brokers Association

 

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