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." 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.