NEW YORK, Nov. 11, 2021 /PRNewswire/ -- German-headquartered Tradewind Finance is pleased to announce it has extended a USD 5 million revolving receivables finance facility for an American importer and distributor of kitchenware, canning jars and other home goods. The Ohio-based company primarily sells to several big-box retailers across the United States and also exports a variety of products to select major buyers based in Europe.
Driven by a scarcity of vessels and rebounding consumer demand, the company witnessed rising import costs from the Far East and increased freight rates from the port of discharge to the target Eastern US destinations. Alongside this, the need for longer payment terms from buyers resulted in the company requiring additional liquidity through trade credit. While majority of the company's buyers enjoyed 60-day credit terms, Tradewind is able to cater to longer terms where necessary.
Tradewind's non-recourse finance option supported the company with their capital demands for sales based in the United States and abroad. Such a financing program equipped the company to monetize on existing receivables to improve their cash flows and stay on top of demanding delivery schedules. With Tradewind's competitive financing rates and flexible payment structure, the company was able to allocate these funds to secure new inventory from foreign suppliers and to facilitate their appetite to fulfill greater order volumes.
"A healthy cash flow is the lifeblood of any hardworking business. Tradewind's ability to advance funds on invoices with longer payment terms is paramount to importers and distributors, especially in the ever-changing and challenging global economy of 2021," said Kevin Gillespie, Vice President – Sales, Tradewind United States.
Kevin is based in Pittsburgh Pennsylvania.
Founded in 2000, Tradewind Finance, an international trade finance company, 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.