An existing funding provider has just introduced a new service to help small companies enter the export marketplace with a minimum amount of paperwork or risk.
This new ‘Export Overdraft’ is not only available to established companies but also to start-ups and recovery situations. The fees are simple with an arrangement fee, normally below £500 and a single interest fee depending on the risk and the length of the loan. This is not suitable for long term debt but for loans from a couple of weeks to up to 60 days. Longer loans of up to 90 days are available but then the charges may make it too expensive.
It works in the same way as single/ selective invoice discounting.
The exporter tells the finance house who they are exporting to, they then arrange a credit limit with a corresponding finance house in the destination country concerned. They at present have arrangements with 65 corresponding finance houses in mainly the EU and the OECD countries.
Once credit approval has been obtained, the goods can be shipped and invoiced. Letters of credit and bills of lading are not required. As part of the service the local finance house can arrange documentation in the customers own language. Once proof of delivery has been obtained then the funds can be drawn down.
For further details please contact:
Peter Kelly: 07778 670 236
peter.kelly@pegasusfunding.co.uk. London, South East, & East Mids.
Richard Olsen: 07976 642432
Richard.olsen@pegasusfunding.co.uk Cambridge, East Anglia, East Midlands.
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