Incomlend Offers $ 2.5 Million Invoice Finance Program to India-Based Clothing Manufacturer to Seize Revenue Opportunities | Taiwan News
Quick factoring facility to protect manufacturer against credit risk amid pandemic complications
SINGAPORE – Media awareness – May 27, 2021 – Global invoice financing marketplace Incomprehensible today announced a $ 2.5 million invoice financing program for a leading Indian clothing manufacturer. The initiative will strengthen the manufacturer’s production and export capabilities, preserving its vital revenue streams with its customers, including fashion retailers in Europe, the United States and Asia-Pacific.
Based in Singapore and with offices in Europe, India and South East Asia, Incomlend connects small and medium enterprises (SMEs) with communities of investors, enabling them to buy and sell individual invoices. online.
The working capital solution provided by Incomlend will enable the apparel maker, which operates eight manufacturing plants, to maintain its financial health and maintain its manufacturing operations in order to seize new revenue opportunities. It will be al
This decision came when the manufacturer received a request from one of its main customers in Europe to extend payment terms from 75 days to 120 days to reduce cash flow in a difficult context where the pandemic has affected several branches.
The clothing manufacturer will now be able to cash an invoice within three days of shipping the products. The retailer (importer) will have the option to pay the invoice value of the shipment up to 120 days later.
Since its inception in 2016, Incomlend has funded more than $ 500 million in transactions in 50 countries around the world. As businesses continue to navigate a disrupted and volatile business environment, competitive and alternative working capital such as the Incomlend invoice finance program will play a crucial role in helping businesses maintain financial health and business continuity. . The program will also provide businesses with the capital to seize new opportunities as economies recover.
According to a study by the commercial credit insurer Atradius, Indian suppliers active in both domestic and foreign markets reported a significant increase in late payments in June 2020. On average, 66% of the total value of B2B invoices were overdue, compared to 39% in June 2019. In addition, the study found that late payments in the textile industry in Asia impacted 64% of the total value of B2B invoices. Receiving cash for goods sooner allows businesses to maintain healthy working capital to cover other aspects of their business, including operational expenses.
Incomlend CEO and Co-Founder Morgan Terigi said:
“From supply chain disruptions to the continued closures of physical stores, the apparel industry continues to manage the impact of COVID-19. Companies in the sector face increased financial challenges, ranging from limited cash flow to credit risk. Through our extensive experience working with apparel manufacturers and fashion retailers, we understand the challenges facing exporters and importers in today’s pandemic climate. We offer our invoice financing program, a working capital solution to meet the changing needs of the business and, ultimately, a win-win situation for the exporter and the importer. “
For more information on Incomlend, please visit https://www.incomlend.com/.
Incomprehensible is a global invoice finance marketplace for businesses and private equity. Founded in 2016, the Singapore-based company has processed over 2,300 transactions and provides invoice finance services in over 50 countries around the world. As one of the world’s premier alternative cross-border trade finance platforms, Incomlend enables companies to finance their export bills by selling them to institutional investors at a discount. For more information visit www.incomlend.com.