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07-Sep-2020 17:45

It exports to Asia, Europe, North Africa and South America.

Jeff Wnuk, the firm’s president, founded the firm in 2005.

“It gives banks comfort they will get paid,” says Byrne. Many exporters opt for a policy such as Small Business Multi-Buyer Credit Insurance, which protects an exporter’s accounts receivable by insuring against nonpayment by buyers.

One easy place to buy it is through the Export-Import Bank of the U. Banks sometimes will allow exporters to treat insured receivables as collateral for a loan.

The factor provides you with most of the value up front and then pays you the balance of the invoice, after subtracting its fees, once it collects. “A local factoring company, if they have experience in your export market, may well give you a line.” The cost of factoring can vary considerably according to variables like how many invoices you are factoring, but it is usually higher than for bank financing, so make sure you shop around. Issued by the importer’s bank, these are a written commitment to pay the exporter.

Even if you export to only one country now, you may want to branch out—and an export finance partner with experience in a variety of international markets could offer very valuable insight.

“Don’t just think about your customer today,” advises Hagan- Some lenders may require you to buy trade credit insurance if they lend you money for an export deal.

“Cross-border transactions are in a bit of a holding pattern, in part due to politics,” says Andrew Sherman, a partner at Seyfarth Shaw LLP, who has advised many small and midsize businesses involved in international markets.

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Here are some strategies you can use to get the financing you need now.

This will not only help you weed out companies that are not good credit risks but also allow you to negotiate an export finance deal from an informed perspective.

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