King Trade Provides $3 Million PO Finance Commitment for Importer
King Trade Capital (KTC) announced the recent funding of a $3 million purchase order finance commitment for a New York City-based importer of household appliances.
King Trade Capital was introduced by a factor after the company’s existing purchase order finance company could no longer support its pre-sold inventory finance requirements. King Trade Capital quickly established a facility that provides financing with an advance rate of 100% of the cost of the required inventory by issuing letters of credit to the company’s overseas supplier as well as funding for the freight and duty.
The quick response by King Trade Capital, including implementation of an existing inter-creditor agreement with the company’s factor, allowed the company to fulfill the immediate orders and now be in solid financial position to substantially increase its business with this customer.
King Trade Capital is an independent purchase order and contract finance company focused on providing purchase order and contract finance for small- to middle-market companies nationwide.