First Capital offers new guaranty service
Aims to protect exporters in bankruptcy cases
Thomas Russell -- Furniture Today, March 3, 2008
WEST PALM BEACH, Fla. — First Capital is offering a pre-delivery guaranty service aimed at minimize the losses that exporters can experience when clients enter bankruptcy.
For a fee based on the creditworthiness of the buyer and the size of the transaction, the service provides a guaranty of 50% of the exporter’s sales price to the importer for up to 60 days before the delivery of the goods. The service is a form of risk protection in case the furniture importer goes bankrupt.
First Capital officials say the program benefits both the exporter and its lenders.
“It has pretty broad applicability to manufacturers looking for pre-shipment financing from their banks,” said Mark Sunshine, president of First Capital. “It is tailored to what the banks of the manufacturers and exporters will need to advance more money than they would otherwise.”
For more information on the new program, visit www.firstcapital.com.
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