It provides a business with an alternative to loans, credit cards and overdrafts as it bridges the cashflow gap between paying suppliers and receiving payment from customers. This product is suitable for SMEs looking to buy goods for resale, either from within Ireland or overseas.
The Trade Finance Product is currently offered through Bibby Financial Services.
How does it work?
- It enables Irish SMEs to buy and sell goods before needing to pay for them, enhancing their capacity for international trade.
- It is tailored to support businesses operating in more than 70 different sectors (from clothing, textiles, cosmetics and perfumes through to electronics, furniture and sporting goods).
- Bibby Financial Services Ireland makes a same-day payment to suppliers, as well as paying duty, VAT and freight costs.
- Following delivery of the goods, the business repays Bibby once the goods are sold or from its invoice finance facility.