Tradewind Provides Export Factoring Facility for Manufacturer of Mobile Chargers in Hong Kong
Tradewind has closed a $650,000 credit facility for a manufacturer of mobile chargers and other consumer electronic accessories based in Hong Kong. The company has a factory in Vietnam and one in Dongguan and exports primarily to the United States and Europe to brand names like Belkin International. The deal, closed amidst COVID-19, provided funding to improve the company’s working capital and support their growth.
The company approached Tradewind when traditional bank financing proved to be too restrictive for their needs. Rather than continuing with a lending arrangement that required collateral from their customers, the company pursued Tradewind to finance their shipments while they waited for payment. Tradewind’s non-recourse receivables financing not only accelerated cash flow as the company filled orders, but it also provided credit protection on invoices and eliminated the use of securities in the lending relationship.
The flexible funding solution from Tradewind equipped the company to meet the current demand for mobile chargers and can accommodate future growth. Additionally, the arrangement demonstrated Tradewind’s ability to deliver reliable financing to their client in a time of global crisis so they could continue to flourish.
“We are pleased to address our client’s financing needs, especially in the face of such headwinds as the US/China trade war and the outbreak of COVID-19. We look forward to serving as our client’s financing partner as they grow,” states Alan Wong, Managing Director of Tradewind Hong Kong.
Tradewind maintains a network of offices all over the world, including Bangladesh, Brazil, Bulgaria, China, Hong Kong, 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.