DEBTOR finance provider Bibby Financial Services has appointed industry expert Elias Dionyssopoulos to the position of Business Development Manager to meet the growth in demand for factoring and discounting in Victoria.
According to the Institute of Factors and Discounters of Australia and New Zealand (IFD), Victoria recorded the highest turnover for factoring and discounting in the country in the June 2005 quarter.
Mr Dionyssopoulos, who joined Bibby in October 2005 from PACCAR Financial, was appointed to the role because of his extensive experience in the finance industry, in particular cashflow finance.
According to Dionyssopoulos, the key growth area in Victoria for factoring is the trucking industry.
"Many businesses who have funds tied-up in unpaid invoices have come into financial difficulty as a result of recent petrol price hikes,” he said.
"It is these businesses with cashflow issues that are now seeking our services to help make ends meet.
"For these companies factoring is the ideal solution as it enables them to convert up to 90% of their unpaided invoices into cash in just 24 hours. What's more, they don't have to put up the family home as collateral.”
Greg Charlwood, Managing Director of Bibby Financial Services (Australia) said that the slump in the property market is driving more businesses to look beyond home mortgages to support business activity.
"Debtor finance is recognised as a viable business solution. Our industry has trebled in size in the last five years and shows no signs of slowing," he commented.
Mr Charlwood said the sector is expected to grow by a further 30% in 2005.