An insightful seminar held by the Georgetown Chamber of Commerce and Industry (GCCI) today has kickstarted a different outlook on traditional bank financing and alternatives which can benefit the Guyanese business community.

The “Invoice Factoring” seminar was held at the Marriott Hotel, Georgetown and saw an impactful presentation on “Alternatives to Traditional Financing” being given by Mr. Angus Young, Head of Regional Investment Banking and New Markets, NCB Capital Markets Limited. In attendance were executive members of the Chamber, councillors and representatives from member companies. The seminar not only featured Young’s presentation, but also an interactive component that allowed those gathered to query their concerns about invoice factoring and its possible benefits.

Invoice factoring as Young explained, is a type of invoice finance where persons can “sell” some or all of their company’s outstanding invoices to a third party which serves to improve cash flow and revenue stability. A factoring company pays most of the invoiced amount immediately and then collects payment directly from the person’s customers.

Noting that this type of financing, while new to Guyana will be of good service to the growing economy, Mr. Young also indicated that his company intends to set up shop in Guyana as soon as August with invoice factoring being among the services offered. He also shared that he is open to working with the local private sector for mutually beneficial relationships.