What is it?
A revolving working capital facility that can be used to finance the purchase of products or services. This facility is linked to a credit-insured limit arranged under a special Credit Insurance Policy that we have taken out with Gerling NCM Credit & Finance AG.
How does it work?
Under the arrangement, we make a payment to your supplier at your request and allow you a credit period of up to 180 days for repayment. Each transaction must be for a minimum value of EUR50,000 and total amount outstanding cannot exceed the credit-insured limit.
The supplier payment is made on foot of selected copy invoices/statements provided by you together with suppliers bank details. You nominate the invoice(s) and amount(s) you wish us to pay. We pay your supplier now and you provide us with a cheque for the same amount to mature in no more than 180 days time.
Who can use it?
Established profitable businesses that operate in manufacturing, retail or wholesale and distribution sectors.
What are the benefits?
Access to finance without having to provide security. As a source of finance it has no impact on existing banking facilities. It is in fact complementary and available to both existing Anglo Irish Bank and non-Anglo Irish Bank customers.
It creates opportunities to:
- Purchase additional stock from existing suppliers to meet seasonal demands
- Improve trade relationship with suppliers
- Source new suppliers
- Negotiate bulk order discounts
- Negotiate early payment discounts
Other Benefits:
- Extended time to pay invoices by up to 180 days
- Easy to put in place
- Flexible, can be used as & when required
In summary, it provides improved buying power through fast access to funds & extended credit terms without the provision of security.
What are the costs?
Interest charge covering amount and period of credit granted at rates in line with business overdraft rates.
A handling fee to include insurance premium on each transaction.
The above charges are payable in advance of each transaction.
Contact our Supplier Finance Team for a confidential discussion on how Anglo Irish Bank could benefit your business.
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