International Factoring Conference: A Recap

By Jeff Wright, Senior Vice President, Hennessey Capital

I recently attended the International Factoring Association (IFA) Conference in Scottsdale, Arizona. In addition to enjoying great weather (sunny and in the 90’s), I had the opportunity to join over 550 professionals connected to the factoring industry. This was the largest group ever to attend this event. In today’s lending environment, factoring is increasingly being viewed as a mainstream source of financing for small businesses that can not obtain traditional bank financing, so I am not surprised by the level of interest in the industry. The IFA is an important organization that excels in educating its members about industry trends and best practices. It recognizes the significance of the factoring industry in assisting small businesses in the current recovery. IFA is also partnering with a new association, American Factoring Association, in hiring public policy advocates to represent the industries interests in Washington D.C.. Time will tell if the government tries to implement legislation to regulate the industry.   

A highlight of the event was keynote speaker Barry Minkow – a unique keynote selection. Minkow shared his story about the various fraudulent acts he perpetrated. At 19, he had accumulated wealth of $26 million. His stories, while criminal, were entertaining and provided valuable insight on how small business finance companies can mitigate risk and avoid fraud. The government finally caught up with him and he spent eight years in jail. He plays himself on the screen in a movie coming out in June called “Minkow” also starring James Cahn.

Overall, the national IFA conference provided a great opportunity to connect with fellow factors and reinforce the importance that factoring and asset-based lending will play in supporting small business growth and the nation’s economic recovery.