First Capital Offers Pre-Delivery Guaranty To Foreign Furniture Exporters
Furniture World Magazine
First Capital, a leading commercial financial services firm, announced today the launch of its Pre-Delivery Guaranty service, the first offering in a series of new international trade finance services First Capital plans to unveil this month. Pre-Delivery Guaranty enhances First Capital’s growing suite of International Supply Chain Finance solutions.
First Capital is offering a Pre-Delivery Guaranty, under which First Capital provides a guaranty of 50 percent of the foreign exporter’s sales price to the importer (bankruptcy protection only) up to 60 days prior to delivery of goods or services. If the importer declares bankruptcy during the approved 60-day period prior to delivery, First Capital will pay 50 percent of the purchase order amount without first requiring the exporter to resell the goods.
“Our Pre-Delivery Guaranty offers foreign exporters the additional pre-shipment credit risk protection they (and their lenders) need while still allowing them to use open account credit terms to increase competitiveness,” says Anthony K. Brown, International Managing Director at First Capital. “Foreign exporters and their lenders can rely on First Capital as an alternative source of funds to repay pre-export production loans should the importer become insolvent.”
“We have had great success with our service offerings in the United States, and we are excited to enhance these offerings to help companies looking to build their cross-border businesses,” said Mark Sunshine, President and COO of First Capital.
First Capital launched its International Factoring service in April 2007. First Capital is a member of FCI, the leading international factoring trade group with 225 members in 63 countries.
About First Capital: First Capital (www.FirstCapital.com) is a leading commercial financial services firm providing prompt, professional and reliable working capital solutions and outsourcing, primarily for middle-market companies and institutions. With over $1 billion in total committed lines, First Capital is one of the largest independent and fastest-growing commercial finance companies in the United States. The firm focuses on asset-based lending, accounts receivable management, credit protection, international supply chain financing and servicing for clients in North America and Asia. The firm also manages asset portfolios for clients and is an active issuer of receivables-backed securities. Combining a unique blend of traditional and progressive banking methods, First Capital provides clients with customized support needed to grow and maintain their business. Based out of West Palm Beach, Florida, the firm has six full-service offices in major cities including New York, Los Angeles, Ft. Lauderdale, Oklahoma City and Atlanta and a subsidiary that is headquartered in Hong Kong.