Tradewind Finance provides a Mauritanian clothing company with USD 5 million in receivables financing
Tradewind recently provided receivables financing of USD 5 million to a garment manufacturer from Mauritius. A diversified company with 1,200 employees, it specializes in manufacturing and finishing denim products for distribution to leading retailers worldwide, including those in Australia and Europe.
The company carries out everything from sample preparation to cutting, embroidery, stitching, printing, and washing in house. With more than 30 years of experience in the apparel and textile industry, it is constantly evolving to keep pace with cyclical changes. The company has recovered from the lull brought about by the pandemic to expand its exports and cater to larger buyer requirements with a positive projection for sales, as retail has improved substantially in their target markets.
An intermediary approached Tradewind with the financing requirements of the company. They were able to secure funding via Tradewind. Nearly all of the company's receivables were in EUR and USD currency, with a 90-to-120-day open account billing term, which is a Tradewind Finance specialty. Previously self-financed, the receivables finance program offered to the company would enable it to accelerate its cash inflows and, by outsourcing accounts receivable management, more effectively focus on expanding its product offerings and core sales activities.
Soheil Zali, Regional Commercial Director Tradewind Asia, talked about Tradewind's role in servicing both clients and buyers with its longer payment terms. “It is a pleasure for us to be able to deliver the liquidity our new client in Mauritius needs to achieve their goals. Providing our client with an open account facility without a collateral requirement will allow them to focus on their core business with no worries about working capital and risk."
Tradewind Finance maintains a network of offices all over the world, including Bangladesh, Brazil, Bulgaria, China, Hong Kong SAR, Hungary, Iceland, India, Pakistan, Peru, Turkey, UAE, and USA as well as the headquarters in Germany. Combining financing, credit protection, and collections into a single suite of trade finance products, Tradewind brings streamlined, flexible and best-in-class services to the world's exporters and importers.