Press Release Summary = From Today SMEs wishing to import goods from abroad can take advantage of a new trade finance service from Venture Finance. Trade finance protects and supports organisations when importing goods from overseas suppliers, by defining clear conditions of purchase and providing finance to settle suppliers' terms of trade.
Press Release Body = September 1st , Express Press Release, West Sussex. From Today SMEs wishing to import goods from abroad can take advantage of a new trade finance service from Venture Finance. Trade finance protects and supports organisations when importing goods from overseas suppliers, by defining clear conditions of purchase and providing finance to settle suppliers' terms of trade.
The introduction of Venture Trade Finance (VTF) complements the financier's existing invoice and asset-finance facilities. Venture can now support the full range of working capital needs, providing businesses with even greater cash flow control.
VTF is a valuable platform, allowing companies to take advantage of their full growth potential. It is particularly useful for organisations with insufficient cash flow to pay for goods up front, or where suppliers insist upon clear evidence of the ability to pay when orders are initially placed.
By paying a supplier direct, or opening a letter of credit, VTF can fund between 80 and 100 per cent of the cost of goods, plus duty and VAT. A letter of credit is written assurance that the exporter will receive payment for goods. It outlines specific terms of the deal - such as the value, currency, required supportive documentation and deadlines - which must be adhered to before payment is made.
Letters of credit offer a range of benefits, including: . Protection - Both parties receive full protection. The original suppliers will only be paid if they comply exactly with the agreed terms . Improved cash flow - Instead of paying at the time of ordering, importers can often defer settlement until after the goods are shipped . Priority - Goods paid for under a letter of credit often receive priority over those paid for by other methods . Control - The importing client has full control over the terms and conditions under which VTF will make payment . Flexibility - Letters of credit are flexible and can be matched to specific business needs . Electronic applications - VTF utilises the excellent Maxtrad system, developed by parent company, ABN AMRO. Brian Colvill, Manager of VTF, has 25 years' industry experience and is looking forward to using his skills on behalf of the Venture brand. He said: "Venture Finance is a highly respected name within the finance sector, and the launch of VTF significantly enhances our support of the UK business community.
"Venture's relationship with ABN AMRO utilises a trusted network of banks around the world, to support clients' global import requirements. A VTF letter of credit opens doors which may otherwise have remained closed for many businesses, allowing them to take advantage of overseas cost efficiencies and, in turn, become more profitable."
For more information on VTF please visit www.venture-finance.co.uk or call 0800 515 053.
About Venture Finance
Venture Finance (www.venture-finance.co.uk) provides funding solutions from start-up to established businesses with a turnover of up to £200 million. Venture helps companies looking to manage cash flow, fund business opportunities, purchase new machinery, merge with or acquire a new business or expand their operations. Venture's core finance services are invoice and Web Site = http://www.venture-finance.co.uk
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