NEW YORK and BRUSSELS, Feb. 4, 2013 /PRNewswire/ -- The Commercial Finance Association (CFA) and the International Factors Group (IFG) announced today a strategic alliance to help increase awareness and understanding of the role of factoring and asset-based lending as an efficient way to provide capital to small and mid-sized businesses around the globe.
The new, global partnership outlines plans for CFA and IFG to coordinate efforts to enhance the value and benefits each organization provides to its members. As part of that linkage, CFA and IFG members will work together at CFA's International Lending Conference in London, May 8-10 and IFG's Conference on Asset-Based Lending and Supply Chain Finance on October 23-24, 2013 in Istanbul.
As part of the new relationship, CFA and IFG will combine their industry expertise and advocacy capabilities to work together to promote the adoption of effective, modern and streamlined, secured transaction laws around the world.
"By combining the synergies of our two organizations, this alliance will enable us to undertake a truly global initiative to help businesses, lending institutions and governments around the world gain a deeper understanding of how factoring and asset-based lending provides essential working capital to small and mid-sized businesses, supporting economic growth and job creation in every corner of the world in an efficient, cost-effective manner," said CFA CEO Robert Trojan.
"We are pleased CFA and IFG have established a strategic partnership that will encourage mutual exchange of information of our respective organizations, allowing our members to gain additional business opportunities in markets around the world," said IFG Secretary General Erik Timmermans. "As the economy becomes more globalized, it is critical that trade groups such as ours combine forces to work together to promote our industry," added Timmermans.
Founded in 1944, the Commercial Finance Association is the trade group of the asset-based lending and factoring industries, with nearly 300 member organizations throughout the U.S., Canada and around the world. CFA provides education, networking opportunities and industry advocacy on a domestic and international basis to the commercial finance community. CFA members include the asset-based lending arms of domestic and foreign commercial banks, small and large independent finance companies, hedge funds, private equity firms, floor plan financing organizations, factoring organizations and financing subsidiaries of major industrial corporations.
Founded in 1963, the International Factors Group is the worldwide association of more than 150 members in more than 60 countries who are associated with factoring and asset-based financing activities. IFG supports its members in existing markets, helps the industry to develop in new markets and facilitates international trade between members. Thinking globally, but acting locally, IFG teams up with national associations such as the New York-based Commercial Finance Association and founded the EUF, representing 14 national and international Factoring associations on EU level. The IFG Secretariat is headquartered in Brussels and the association is organized into regional chapters in Asia, Central East Europe, Africa and Latin America.
SOURCE Commercial Finance Association