What is Textile Finance?
The aim is to help in financing the purchase of raw materials and machinery in the textile industry that could assist with improving the cash flow of your business and lowering costs.
We work to offer the best textile finance to meet your needs.
Production, purchase of raw materials, machinery, sales.
- Your business is looking for £50k+ trade finance
- You want to import or export textiles or raw materials and have suppliers/ buyers
- Your business is creditworthy
- Your business trades non-perishable stock
When a business wants to trade internationally, the exporter would typically want to be paid up front by the importer. The bank would issue a Letter of Credit, which guarantees this payment to the exporter upon receipt of documentary proof that the goods have been shipped. This is then repaid once the importer has paid for the goods, which could be anything between 30-180 days later
What is the SIC Code for Textile?
The SIC Code is 13923 (Manufacture of household textiles)
Other SIC Codes that could also be used are:
- 13100 Preparation and spinning of textile fibres
- 13200 Weaving of textiles
- 13300 Finishing of textiles
Textiles Case Study
Financing was needed by a family owned company which imports high value textiles, including clothing, from Asia. The company sells predominantly in the UK, France and Italy. The most difficult element facing the company’s expansion was access to capital that widely varied throughout the yearly cycle. By working with trade finance providers it has allowed the company to work with more seasonal and varied clients.
Speak to our trade finance team
- No security or personal guarantee required
- Non-pharmaceutical chemicals finance available even if the banks refuse finance
- Our partners find you solutions to increase trade
- Fast turnaround – get clothing finance in 24 hours