Tradewind Finance Provides USD 1.75 Million Export Factoring Facility for Wire & Cable Trading Company in China
Tradewind Finance is pleased to announce a USD 1.75 million export factoring facility for a wire & cable trading company based in Jiangsu, China. The additional liquidity generated from the facility will support the company’s sales conducted on 90-day open account terms to Europe, North America, and Australia.
The company, part of a larger group consisting of both industrial and trading entities in China, independently maintains a strong profitability and financial profile, exporting up to USD 20 million worth of wires and cable products across the world.
On account of the recent trade developments arising from COVID-19, the Chinese company benefitted from bulk orders from Buyers looking to diversify their procurement sources from countries where manufacturing has been negatively impacted.
“The asset-light trading company found it a challenge to source additional funding from conventional banking institutions to support its growing order base and, at the reference of positive market feedback and existing Tradewind clients, now enjoys a straightforward, customized, revolving receivables finance facility,’’ said Jason Wang, Vice President of Sales for Tradewind China.