London – 27 March 2020 – Stenn closed a seven-figure trade receivables finance program for a trading company based in the Northeastern United States that sources seafood from India. This new financing program is being used to free up working capital to support sales expansion to supermarket chains during the coronavirus outbreak.
The importer’s Indian supplier engaged with Stenn to receive payment at the time of invoicing and shipping of goods, quite timely since India’s government has recently decided to impose a three-week lock-down across the country. The importer benefited from open account payment terms that allowed for payment at a later date. In this way, Stenn’s program provides liquidity to both parties in the trading relationship.
Peter Clement, Business Development Director, Strategic Accounts at Stenn, said: “We would like to extend a very special thanks to One Source Risk Management & Funding, Inc., our introducer on this transaction. This program was closed in less than 30 days thanks to Ryan Babeu who helped facilitate this quick turnaround.”