RMP Capital, Celtic Invoice Team to Offer PO Financing/Factoring
RMP Capital Corp and Celtic Invoice Discounting Limited announced a joint venture to provide purchase order financing and receivables factoring services to small and medium-sized businesses facilitating trade between the U.S. and Ireland.
The joint venture combines two seasoned factoring operations and the expertise of RMP Trade Credit to provide receivables factoring and purchase order financing for SMEs exporting goods worldwide through the member companies and joint funding of transactions. It will operate under the name RMP Celtic and be incorporated in Ireland and based out of RMP Capital Corp and Celtic Invoice Discounting Limited existing offices in Islandia, NY, and Dun Laoghaire, County Dublin, Ireland, respectively.
RMP Celtic will offer recourse factoring services and purchase order financing to the SME market and carry the joint venture brand as well as the members own established branding in their home markets. Markets include the European Union, UK, Canada, U.S. and Dominican Republic with potential for future expansion. The joint venture will work closely with export organizations to market much-needed financing options and expertise seeking to export goods and services.
“This alliance opens up massive potential for Irish businesses selling to North and South America, and introduces unique opportunities for U.S. clients to enter in to mainland Europe, Ireland, and Eastern Europe. Celtic will be the first Irish provider to open this pathway for Irish SMEs exporting to the vast continent of South America and this will provide many exporters here with hugely lucrative opportunities,” commented Rita O’Brien, director of Celtic Invoice Discounting.
“This is an exciting partnership with great people and fits well with RMP Capital Corp’s existing strategy for international expansion which will continue to develop throughout 2014 and beyond,” said Jim DiCamillo, EVP for RMP Capital.
“This joint venture will facilitate trade for SMEs located in the United States and Canada exporting goods and services to Ireland and Europe and for the United States’ 15th largest importer of goods to the United States as well as exports going to Canada and the Dominican Republic. Many SMEs avoid the very lucrative export market due to funding constraints, lack of knowledge regarding the process, or fear of the credit quality of their customers,” said Matthew Davis of RMP Capital, “RMP Celtic will provide best-in-class funding solutions and advising services to its client base.”