DS-Concept Provides Export Factoring Facility to Manufacturer
DS-Concept has provided a $3 million export accounts receivable facility to an automobile parts manufacturer in India.
The company, which 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 Factoring, 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 of DS-Concept Factoring. “We think DS-Concept Factoring 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 24-48 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.”