Incomlend provides leading garment producer with access to quick turnaround working capital, helping them navigate post-Covid markets
Leading global invoice financing marketplace Incomlend has, today, announced they are implementing a system to provide a quick turnaround for the financing needs of a well-established Indian clothing manufacturer. Through Incomlend, the company has had $15 million USD financed or already funded, enabling them to continue to offer their products across the world uninterrupted. In one example, the manufacturer in question had their credit limit with one specific buyer grow from $2.5 million USD to $3.5 million USD, allowing them to expand at ease and continue to operate smoothly. Incomlend connects small and medium enterprises (SMEs) globally with communities of investors to enable them to buy and sell individual invoices via a proprietary tech-powered secure invoice exchange platform.
Founded in Singapore and with offices in Europe, India, the UAE and Southeast Asia, Incomlend’s global invoice financing marketplace provides SMEs with the working capital they need to pursue new revenue streams. Established a decade and half ago, the Indian company comprises of five factories and over 6,000 employees, with the capacity to produce over 1.4 million garments per month which are sent to high-end retailers across the world.
The fallout of the COVID-19 pandemic ultimately led to buyers working on longer due dates of 90 to 120 days. This puts immense pressure on the supplier, who still needs finance in order to keep operations running without a glitch. With Incomlend’s quick turnaround financing solution, the Indian manufacturer was able to switch to a less onerous and more cost-efficient payment term, which provides them with funding between five and seven days, meaning the business can continue to keep the pipeline open.
According to figures released by the British Government, imports from India amounted to £17.5 billion in 2022 (an increase of 33.1 percent or £4.4 billion compared to 2021). While statistics from Trading Economics shows the UK to be one of India’s main export partners, taking about 3 percent of the total exports.
Commenting on their client success, Morgan Terigi, CEO and Co-founder of Incomlend, said: “The textile market is extremely competitive and has become even more so after the pandemic. Alternative financing instruments have become nearly necessary for companies looking to export across the world as finance pipelines change. Incomlend can help manufacturers, suppliers, and buyers keep in the race and allow them the security to do what they do best.”