INDIA: Leading global invoice financing marketplace Incomlend has, today, announced they are implementing a quick turnaround financing solution for a well-known Chinese-based garment producer. The company utilizes modern forms of financing that has helped the small garment producer grow into an international company with over 15,000 employees, and offices in Europe, Australia, Asia, and North and South America. Incomlend connects small and medium enterprises (SMEs) globally with communities of investors to enable them to buy and sell individual invoices through a proprietary tech-powered secure invoice exchange platform.
With Incomlend’s assistance and, as a result of the Chinese company’s hard work and adaptability through times of global crises, the clothing producer has grown into a hugely successful business that ships four million garments per month.
While the garment producer has been working with Incomlend for three years, the last two years proved the mutual relationship between the companies was a game changer for the Chinese organization. While world crises such as the COVID-19 pandemic and the Russian invasion of Ukraine saw shipping delays cause chaos to business and trade across the globe, the Chinese company’s customers were often not getting their products in time, and, in turn, the garment business was rapidly losing revenues. With Incomlend’s assistance through invoice financing, such monetary issues were minimized and, as a result, the Chinese garment producer was able to continue doing business whilst maintaining a strong reputation amongst consumers.
Figures from the Organisation for Economic Co-operation and Development reported that due to COVID-19, the world has seen some of the largest reductions in trade and output volumes since World War II. According to figures from the Indian Government, the country’s overall exports for December 2022 were $61.82 billion USD, a drop of over five percent from the previous year, while imports are down nearly two percent from 2021 at $73.80 billion USD. This shows that trade has felt an impact from recent events, and further shows there will be a growing need for invoice financing going into 2023
Commenting on their client success, Morgan Terigi, CEO and Co-founder of Incomlend, said: “This is a customer who joined us before economic turbulence took hold. They were then able to benefit from our assistance during a period of time that saw many companies struggle to survive. In addition to this, they have benefited us too by bringing in new clients, and together we were able to build a very fruitful relationship. I am sure this collaboration will continue to result in successful operations for all parties involved.”