Tradewind Finance has completed a $1 million non-recourse factoring facility for a packaging manufacturer in the UAE that primarily sells to domestic big names.
The company, which produces cardboard boxes and packing tape, is allocating the funding to purchase raw materials for new orders.
As onshore lenders scale back working capital facilities in the UAE, businesses in the region face immense difficulty securing financing for their daily operations.
Given the stringent lending climate and the resulting liquidity pressure they were experiencing, the client decided to capitalize on their receivables as a supplement to traditional bank loans and turned to Tradewind to convert these receivables into cash.
The client received immediate support from the finance firm, whose cash advances allowed them to readily cater to their capital demands. Working in tandem with the client’s banking lines, Tradewind’s non-recourse facility was especially suitable because no collateral was necessary to secure it.
“We are happy to be working with a veteran homegrown manufacturing company to provide them with the funding needed to take on new orders and achieve growth. Our client received prompt attention and constant communication in ways a conventional bank would not be able to give. We believe our services will give our client a competitive edge in the industry and in their market,” said Maham Siddique, VP, Global Commercial – South Central Asia and Europe.
