Stenn Closes Trade Finance Program for USA Importer of Hand Sanitizing Stations
July 22, 2020
Source: Stenn
Stenn recently concluded a seven-figure trade receivables finance program for a US importer of hands-free hand sanitizing stations from a manufacturer based in Europe. The importer sells the devices for use in hotels, office buildings, retail locations and other public spaces to accommodate safe personal interaction in the recovery from the Covid-19 pandemic.
“Businesses are in a crunch to prepare for post-covid operations, and it is gratifying to provide financing to support the distribution of critically-needed goods,” said Peter Clement, Business Development Director, Strategic Accounts. “We would like to extend a very special thanks to Avatar Financial Consultants, our introducer on this transaction.”
"Stenn has put together a unique product that the import / export industry has been missing that will help distributors provide a more just-in-time experience for their customers. [I have done business with Peter Clement for 15 years and he is knowledgeable about global trade and one of the easiest people with whom you will ever work,]” said Glen Russo, Managing Member, Avatar Financial Consultants.
Receivables financing is a flexible and straightforward method for importers and their suppliers to optimize working capital and strengthen their relationships. In importer-led receivables financing, the importer acts to introduce the solution to its suppliers, who are the actual clients of the finance company. Suppliers receive payment at the time of invoicing and shipping, while the importer benefits from open account payment terms that allow for payment at a later date.
About Stenn
Stenn International Ltd. is a UK-based data and financial technology company providing flexible financing to companies engaged in cross-border trade. Stenn’s trade finance solutions may be secured and managed online, speeding up access to liquidity for export suppliers while allowing import buyers to purchase on open account terms. These innovative practices allow Stenn to finance in sectors and geographic regions currently underserved in global trade. Stenn operates globally with offices in the UK, Europe, Asia and the Americas. Learn more at stenn.com.
For more information on how Stenn receivables financing can enhance working capital for both importers and exporters, please contact Peter Clement at peter.clement@stenn.com or +1 (914) 393-3775.