How it works
Factoring can benefit any organization that’s currently growing faster than its working capital. With Summar on your side, you have a financial partner that can act as your entire accounts receivable department. The result is enhanced business relationships.
How Summar works with your customers
1. Invoice sent to customer
transferred to you
Alvaro J. Otoya – President & Partner
Mr. Otoya is the founder of the company and is well-versed in credit analysis, financial management, factor accounting, and capital raising. He received his degree from Universidad de los Andes in Colombia and before starting the company held various positions at Corporación Financiera del Valle, BBVA Bank and Zoom Media Group.
Felipe Holguin – Strategic Advisor & Partner
Mr. Holguin brings several years of experience in mergers and acquisitions, restructuring, capital raising, and merchant banking to Summar. Mr. Holguin’s previous work in the industry includes positions at Bank of America Securities, Salomon Smith Barney, and Boston Consulting Group. He received a B.S. degree from Worcester Polytechnic Institute and a Master of Business Administration from Harvard University.
Andres Mosquera – Summar Portfolio Director
Having a background in international trade, risk management and financial operations, Andres oversees Client Operations and heads all aspects of the general factoring portfolio. He holds a degree in Economics and International Trade from Universidad ICESI in Cali, Colombia as well as a Law degree from Universidad San Buenaventura also in Cali. He later graduated from Universidad EAFIT as a finance specialist and also completed his Masters in Managerial Finance. He joined Summar Financial in 2014, after several years of experience working for finance related companies.
Jennifer Casas – Credit & Client Coordinator and General Manager at Summar Colombia
As CCC, Ms. Casas performs the credit analysis, underwriting and onboarding of new clients. She is the point of connection between the sales and operations departments. She is also the general and HR manager for Summar Colombia (SGI). Ms. Casas studied economics and international business and holds a master degree in business administration from Universidad Icesi. Prior to joining Summar She worked in Proexport Colombia and SEGES CI a trading company.
What kinds of companies use factoring?
Factoring can be used by almost any company which issues payment invoices instead of receiving immediate cash for the products it sells. Companies use factoring to supply cash needed to expand operations or maintain a current level of production without sacrificing other areas of the business. Selling Invoices (factoring) provides a quick and easy way of receiving cash.
Does my company qualify for factoring?
Your company could qualify for factoring if it gives sales terms, is growing rapidly or has cash flow concerns. Specific information is given on a per company basis. To find out if your company can employ factoring, please fill out a short Application Form
Does factoring increase my debt/liabilities?
No. Factoring is a service which is accounted for as an operating expense instead of a debt. Engaging in factoring will not hurt your credit history or increase your liabilities.
How long does it take to get cash for my invoices?
Once your clients have been approved, cash disbursements will be made as soon as Summar Financial receives your invoices.
International Factoring Organization
The International Factoring Association’s (IFA) goal is to assist the Factoring community by providing information, training, purchasing power and a resource for the Factoring community.