Commercial finance association
The CFA is an international trade association that provides financing based on current assets such as accounts receivable. It was founded in 1944. It has 300 members, which are organization members, rather than individuals. There are 16 chapters comprised of diverse groups. These groups are made up of commercial lenders, independent entrepreneurial finance companies, and several other asset based lenders. Membership is structured with 24% bank, 76% non-bank financial institutions. It includes both large and small independent finance companies, the asset-based lending firms of domestic and foreign banks, floor plan financing organizations, factoring organizations, and financing subsidiaries of major industrial corporations.
Every member of the organizations that are part of the CFA are able to take advantage of the benefits provided by the commercial finance association. These benefits are found from the CFA objectives, which are:
1. The CFA makes it their objective to make current information on legislation and court decisions related to the asset-based financial service industry. This will help factoring and asset-based businesses to stay up to date on the current legislation that affects them, and any court decisions that might impact them. The CFA makes it readily available to its members through discussion and publication.
2. The CFA makes it a goal to improve the industry. They do this by creating a forum for inter-and intra-industry ideas as well as opportunities. This forum allows industry leaders to work together to improve the industry. It means working on ideas together for a greater whole.
3. The CFA makes an effort to keep the general public informed about the industry, its function and importance. They help the members understand how credit is structured. They help the general public learn about asset-based and factoring industries, and
4. The CFA works to make the industry better by improving legal and operational procedures used in the industry.
5. The CFA promotes asset-based financing services through education and development. They provide training and information to the industry. They do this with conventions, meetings, and education seminars and events during the year. There are four that are held each year to educate the public, industry service providers, and those seeking financing.
The CFA, or commercial finance association, uses discussions and publications to spread the word, to make sure the general public is aware of the industry, and keep the industry updated on legislation and news. The commercial finance association is going to help small businesses by providing quality content, contacts, expertise, to factoring and asset based financial service industries.
CFA accomplishes their objectives by offering several publications to the industry lenders. They offer bi-monthly magazines called The Secured Lender, and TSL Express, which is an email news bulletin. The TSL Express is sent out three times a week, and features any breaking news in the industry.It also offers deals and personnel announcements. It offers information for members and service providers, as well as those companies looking for asset-based financing.