DHAKA, BANGLADESH
- Media OutReach - 5 August 2021 - Global invoice financing marketplace, Incomlend, announced
a new invoice financing programme for Fashion Tex Asia Ltd, an apparel buying
house, and Sadat Apparels Ltd, a garment manufacturer. Both companies are based
in Bangladesh with customers in the United States (US), Europe and South
America. The working capital solution allows the companies to finance and
increase the production volume of their sweaters and stock up on garments that
are in season and demand. One of Sadat Apparels Ltd's key customers, a US-based
clothing wholesaler, is looking to stock up on its products in preparation for
the increased seasonal demand for sweaters during Fall-Winter, providing new
revenue streams for the company.
Typically, it takes Fashion Tex Asia Ltd and Sadat Apparels Ltd up to 120
days to cash in an invoice. However, the extended credit terms can potentially
impair cash flow and impede their ability to boost their manufacturing output
and source merchandise to meet demand upticks. Incomlend is founded in Singapore
and with offices in Europe, India, and Southeast Asia. It connects small and
medium enterprises (SMEs), like Fashion Tex Asia Ltd and Sadat Apparels Ltd,
globally with communities of investors, enabling them to buy and sell
individual invoices in an invoice exchange platform.
The quick turnaround facility provided by
Incomlend enables Sadat Apparels Ltd and Fashion Tex Asia Ltd to cash in an
invoice as early as three days after its goods are shipped to the buyer. The
companies now have the working capital to cover their operational expenses and
meet new orders coming from the US. The Invoice Financing Programme also offers
Sadat Apparels Ltd and Fashion Tex Asia Ltd the financial agility to pursue new
growth opportunities as the appetite for garments from Bangladesh continues to
soar globally.
Based on Bangladesh's
Export Promotion Bureau data, the country's exports saw a
sharp increase of 112% in May 2021, compared to 2020. The growth is primarily
due to the rebound in demand for ready-made garments (RMG) as major markets
worldwide reopen their economies. According to McKinsey, the RMG sector accounts for 84% of Bangladesh's
exports.
Fashion Tex Asia Ltd and Sadat Apparels Ltd, Managing Director
Rezaul Karim Jahid said:
"With Incomlend Invoice Financing
Programme, we can concurrently retain our customer by offering competitive
payment terms and free up our working capital. We now have access to a steady
cash flow to pump back into the production cycle and increase turnover and
profit, contributing significantly to our business growth. We look forward to
working with Incomlend for the long-term."
Incomlend
CEO and Co-founder Morgan Terigi commented:
"Bangladesh is home to many apparel
manufacturing SMEs and is an emerging export powerhouse in South Asia. As a
company with a proven experience in the garment industry, Incomlend strongly
supports these SMEs in capitalising on positive market conditions with our
quick turnaround financing facility. We are enabling manufacturers like Sadat
Apparels Ltd and buying houses like Fashion Tex Asia Ltd to scale their
business and expand their footprint overseas by providing them with competitive and alternative
non-recourse working capital solutions."
For more information on Incomlend, please
visit https://www.incomlend.com/.
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