The Commercial Finance Association established a formal certification process for asset-based lending and factoring professionals. This new program, developed in conjunction with CFA's Education Committee with input from CFA members and other prominent industry professionals, represents the first professional certification program in the asset-based lending and factoring industries.
Industry professionals who complete a rigorous curriculum of CFA's education and training programs and meet other requirements will earn the designation "Certified Asset-Based Lender" or "Certified Factoring Professional". Those holding these designations will be required to meet annual continuing education requirements to maintain their certification.
"Thousands of U.S. businesses rely on asset-based lenders and factors for critical working capital to maintain and grow their businesses and CFA's certification programs will provide them with the assurance they are partnering with qualified professionals to help meet their financing needs," said Robert Trojan, CEO, Commercial Finance Association. "Asset-based lenders and factors will continue to play a key role in the expansion of the U.S. economy and we are pleased to provide our members with another tool to showcase their integrity and expertise," added Trojan.
CFA is expected to formally launch the new certification program in early 2013. Demand for the designations is expected to be high among the lending professionals that comprise the Association's membership.
"CFA is very excited to expand its industry training footprint by establishing this certification program to recognize member participation in our world-class training," said Bruce Sprenger, group senior vice-president at Cole Taylor Business Capital and current chairman of the board of the CFA. "The expertise gained from CFA course work is unparalleled anywhere. This is an additional step to recognize CFA's leadership role in leading-edge education for asset-based lending and factoring," said Sprenger.
CFA offers a comprehensive curriculum of education and training programs focused on various aspects of secured and monitored commercial lending. Details on course offerings can be found at www.cfa.com.
Founded in 1944, the Commercial Finance Association is the leading trade group of the asset-based financial services industry, with nearly 300 member organizations throughout the U.S., Canada and around the world. Members include the asset-based lending arms of domestic and foreign commercial banks, small and large independent finance companies, hedge funds, private equity firms, floor plan financing organizations, factoring organizations and financing subsidiaries of major industrial corporations.