Stenn Initiates $300M (USD) Global Trade Financing Platform
Stenn is providing major financial assistance to global supply chain affiliates.
Stenn has launched a $300 million (USD) international trade platform to assist global Suppliers and their Buyers with market expansion. The platform's capital will be issued by Stenn and New York-based asset management firm, Crayhill Capital Management L.P.
'Our new $300 million (USD) platform will help Stenn achieve a critical goal of becoming the first choice for funding among SME Exporters in Asia that wish to serve the global market for consumer goods,' said Stenn's Executive Chairman, Greg Karpovsky.
'We are filling a market niche that has largely been abandoned by banks, which are retreating from financing smaller manufacturers in emerging markets due to rising regulatory capital costs and more onerous compliance requirements.'
The new platform will provide flexible short-term funding to Suppliers, particularly those in Asia. By acquiring 120-day receivables from these small-to-medium enterprises (SMEs), the platform will support them financially in their production and export processes with global Buyers.
With Stenn's assistance, SMEs don't have to go through delays and uncertainty over payment collections from Buyers, since the platform offers advances on invoices right after shipment and Stenn takes responsibility for collecting payment. Most of Stenn's clients are in the consumer goods sector, including those that manufacture apparel and shoes.
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