Bibby extends trade finance proposition

Bibby Financial Services (BFS) has enhanced its trade finance proposition to enable UK importers to pay overseas suppliers in advance of goods being manufactured and shipped.

The SME funder has made this decision to boost international trade amid Brexit uncertainty.

Suppliers are paid when title ownership is transferred from supplier to customer under standard trade finance arrangements.

However, BFS’s new prepayment feature allows deposits and full payments for international and domestic suppliers earlier in the trade process.

Phil Tobin, managing director of trade finance at BFS (pictured above), said: “Offering prepayments and deposits in this way is unique and will enable importers to access funding to pay suppliers earlier in the cycle, alleviating cash flow pressure and enhancing their bargaining power.

“Critically, this will allow UK businesses the freedom to find new supply chains and to increase overseas trade at a time when many SMEs are considering how to protect profit margins amid the uncertainty of Brexit.”

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