It is that time of year where we present the results of the Annual Factoring Industry Survey.  Last year this commentary was written after the pandemic had set in, the country was in lockdown, historical results were completely disconnected from the unfolding reality of 2020.  A year later, we look back and reflect on a surreal year.  The factoring sector experienced unprecedented declines in volume (as did most secured lending), the highest level of write offs in 15 years and yet remained profitable, thus demonstrating the durability of the business model and its suitability as a financing tool for uncertain and turbulent times.  Last year we noted that factoring is an “all-seasons competitor”, and that factoring would likely grow and thrive in the turbulent time to come.  Looking back, we see that though the industry did not grow – in fact, it shrank – it did thrive and provided a valuable source financing to many businesses adversely impacted by the pandemic.