Tradewind has funded an Indian textile titan with an export factoring facility in the amount of USD $5 million. The company, a manufacturer and exporter of ready-made garments including knits, woven goods, leather and accessories, mainly ships to the US and Europe, selling to big-name buyers such as Ann Taylor, Guess, and Sainsbury’s.
The client came to Tradewind with the goal of expanding its business, and required accelerated cash flow to do so. While the company’s funding sources were limited and carried high interest rates, Tradewind offered competitive pricing to finance its open account 60-day payment terms with its buyers. Tradewind was able to provide off-balance sheet funding, which helped bridge the working capital requirement gap.
The company is already taking additional orders from their buyers and as they expand, Tradewind will scale its funding in line with sales, an asset unavailable with traditional banks.
“We are pleased to announce the onboarding of an industry-leading client in India’s textile sector,” says Ankit Goel, Managing Director of Tradewind Intelligent Trade Finance Limited, UAE and India Operation. “The appeal of our non-recourse product within the Indian manufacturing community is promising and we look forward to tapping further potential in this segment.’’
Tradewind is an international trade finance group headquartered in Germany with 16 global offices. Tradewind works with SMEs worldwide to provide non-recourse factoring and supply chain financing. With over 150 employees located in 15 countries, speaking over 15 languages, our staff offers world class customer service and truly understands global trade.