The coronavirus pandemic broke out by surprise in all countries and, in addition to causing a major health crisis, also led to a complex economic crisis. Business closures, redundancies, lay-offs, redundancies... The confinements and health measures caused the economy to suffer, but thanks to the financial measures initiated by governments and good management by companies of their working capital financing , such as the increased use of confirming, many companies were able to stay afloat.
Confirming grew by 4.46% in 2020
Data from the Spanish Factoring Association (AEF) indicate that confirming activity grew by 4.46% in 2020 to reach 93.54 billion euros, and also grew by 1.89% in the first half of 2021 compared to the first half of the previous year.
It seems that this growing trend confirms the usefulness that companies find in this product as a means of financing and strengthening the relationship with suppliers.
The data on the growth of the use of confirming in the Spanish economy during 2020 is a reflection of the importance of the existence of entities such as Finalbion for the future of the business fabric.
The importance of the existence of non-banks
2020 and 2021 are very turbulent years and the panorama has changed for everyone, and in the context of business financing there have also been changes of particular relevance that will have an impact on the coming years.Alternative financing entities or complementary financing have been and will be a fundamental pillar to support the viability and new growth of a multitude of companies. As in the case of Finalbion, granting confirming factoring lines and treasury loans with no impact on CIRBE to European companies for more than 2,100 million in the last 5 years.