Trade Finance Solutions provided a €7.5 million ($8.65 million) supplier credit facility to a Slovakia-based manufacturer of specialty fibers.

The facility will support the company’s extended payment terms on major materials purchased. The manufacturer is a major supplier to industrial companies across Europe.

Supplier credit, also known as supply chain finance, allows companies to lengthen the payment terms of their commercial purchases while providing the option for vendors to get paid early.

“We’re pleased at our continued growth in Europe, and it further signals our commitment to the market. Our client is a world class manufacturing concern, and we’re delighted to support their growth,” said Bruce Sim, global head, Business Development of Trade Finance Solutions.

Miami-based, with operations in Toronto, Trade Finance Solutions provides domestic and international financing solutions for small to mid-sized businesses across a wide variety of industries.