Aurous Financial Services completed a $30 million revolving trade finance facility for a Texas-based client selling electronics to a big box retailer in Mexico for 2023.
“We are excited to assist one of our AR lenders with a trade finance facility to support their client’s needs,” Jeff Sirchio, director of loan operations at Aurous, said. “We are very pleased that we have been a part of turning this situation around.”
The client had been in a significant over-advance with its AR lender and was out of formula. Aurous came in and restructured purchase strategies and agreed to a reduced advance rate which required Aurous to await upon collection by the account debtor.
By doing so, the client became compliant with the AR lender and is moving towards a profitable 2023.
