DS-Concept Provides Export A/R to Auto Parts Manufacturer
DS-Concept Factoring announced provided a $3 million export accounts receivable facility to an automobile parts manufacturer in India.
The client, who provides truck and tractor parts to major automobile manufacturers in the U.S. and Europe, is implementing this non-recourse factoring facility to free up its local borrowing facilities so it can reinvest in additional inventory and capital expenditure to accommodate growing sales. By working with DS-Concept, the client can now replace the need for an ECGC credit insurance policy and can avoid the long underwriting and decision-making process common with domestic Indian banks.
“We are very pleased to bring onboard yet another export client based in South Asia, as the region continues to impress us with the many quality companies in need of supportive trade finance,” states John Stillwaggon, VP of Sales. “We think DS-Concept can bring a tremendous amount of support to these exporters, especially through our un-capped, non-recourse, export factoring facilities. Our quick underwriting turnaround and our ability to fund within 24 to 48 hours of shipment is a welcomed change for our clients in South Asia, especially when compared to the domestic financial companies they are used to working with.”
The DS-Concept Group maintains a network of offices and affiliates all over the world.