Home » Global invoice financing group enables clothing giant to grow during times of economic recession
Financial support from Incomlend allows leading garment producer in China to build trust, retain customers and continue to operate smoothly as consumer spending nosedives
SINGAPORE: 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 information from the World Bank in 2020, Singapore’s total imports came to $328,624 million USD, while exports came to $373,684 million USD with China being their biggest trading partner on both accounts. This shows the importance of trade to the economy and the valuable service that invoice financing can offer to keep trade moving.
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.”
Incomlend is a global invoice financing marketplace for businesses and private capital. Founded in 2016, the Singapore-based company has processed more than 2,300 transactions and provides invoice finance services in over 50 countries worldwide. As one of the first alternative cross-border trade finance platforms globally, Incomlend enables companies to finance their export invoices by selling them to institutional investors at a discount. For more information, visit www.incomlend.com.