HONG KONG SAR – Media OutReach – August 8, 2023 – Tradewind Finance is pleased to announce that it has closed a loan of USD 700,000
export factoring installation for a frozen seafood trader in Hong Kong. The funding was used to fund the company’s business operations and expansion plans, including its exports to buyers in the United States and South America.
According to MarketDataForecast, the Latin American frozen seafood market is expected to continue growing in the coming years. And the main motivating factor is increasing urbanization, which has boosted the demand for convenient food products in this region.
With more than 10 years of experience in the seafood business, the seafood trader usually sources the products from mainland China and then exports them overseas. Although most transactions required T/T before shipment, some buyers requested open account terms with 90 days credit period. As a result, their growth has been hampered due to a lack of working capital.
To ease their tight cash flow, the company approached Tradewind for the alternative finance provider’s bespoke export finance products. The scalable non-recourse factoring solution met the working capital needs of the exporter, which had not been supported by bank financing in the past.
With $700,000 in financing and credit protection, they were able to free up cash, take advantage of new business opportunities, and continue to succeed in the competitive seafood market. Going forward, the trader can focus on its sales volume without worrying about having sufficient working capital, especially when more buyers ask for extended payment terms.
“Although this was the client’s first time using an export factoring service, it gave him more control over his finances. He also plans to request an increase in his factoring facility after familiarizing himself with our services,” said Dickson Au, Regional CEO – Far East, at Tradewind Hong Kong, “We are committed to providing tailored and innovative financial solutions to companies looking to increase their exports, accelerate their cash flow and achieve their growth objectives.
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