MODIFI is excited to announce a new financing line for a global apparel group headquartered in New York. The company has factories in South Asia and China and delivers a range of garments to some of the biggest buyers in the world, including Primark, TJX and Asos.
The firm acts as a full service agency for it's clients, taking them right the way through the clothes lifecycle from design, to sourcing, production and shipment. It also prides itself on its ethical practices, ensuring the highest standards in both product quality and employee welfare.
Like many companies, the NYC exporter has a peak season, where they sell the most goods. For them, it was around August/September, shipping goods to their customers in the run up to the Christmas season and of course Black Friday.
However, their buyers would pay 90 days after the goods were shipped, putting considerable stress on the exporters cash reserves. This year, the pressure was particularly severe: disruptions in the shipping industry and Covid insecurity meant buyers were buying more than ever to ensure they had adequate stock to cover the crucial festive period. This added to the already unfavourable position. What's more, their existing lender, a domestic bank, wasn't able to cover their export business. This meant they had to dip into their own capital to finance this segment of their business.
With MODIFI, the client was able to set up a new financing line in a very short space of time to fund their peak shipments. They were paid as soon as they shipped the goods, allowing them to fulfil additional orders and grow their export business. The competitive pricing and international footing of MODIFI, which not only has local offices over the world but can handle transactions in multiple currencies, made MODIFI a perfect choice.
"We are really excited to help US exporters grow their businesses in tough conditions" said Brian Dowd, Head of Sales in the US. "The US is a new market for MODIFI but there's decades of expertise in the team. We know that whilst many US companies have good relationships with their local banks, they aren't able to get proper cross border or international funding. We can really help companies who have an international aspect to their business - we have the expertise and the perfect product to give customers a cash boost, extra security, as well as a permanent addition to supercharge exports."
MODIFI is solving global trade finance for SMEs. Using simple digital solutions, MODIFI looks to remove the paperwork, hassle and red tape that hampers those involved in international trade, giving them the working capital and risk protection they need to thrive.