Coming soon some helpful tips in terms of information and data you will need to provide the lender plus other decisions you will need to make during the negotiations with the would be financier.
Ask youself some searching questions
- Are you willing to make sacrifices in terms of the security provided ? Are you expecting the financier to take on risks that you are not prepared to take on yourself ?
- Are looking for a financial solution to aid working capital and assist with growth or capital injection to fund the growth ?
More on this as well as some ideas to help you formulate your approach coming soon
We will give you some tips on the sort of things you should be asking the financier be they the bank or another type of lender. Some ideas are below and we will be giving you a more detailed explanation to help you understand why you need to find out and in doing so it will help you decide if they are the right financial partner for you and your business
•What are the SLAs for processing transactions across the full product suite ?
•What is the bank's correspondent network like ? Can they introduce you to buyers/suppliers via the correspondents?
•What countries does the bank not have any representation/correspondents?
•What practical help can the bank offer in those markets where you have trading activities but the bank is not represented ?
•What trade products and services do you qualify for at your level of turnover ?
•If you do not qualify for all the services why is this so and why is the bank discriminating against certain clients is this way.
•Do they have International Trade Managers/Directors who have practical experience particularly when it comes to letters of credit, collections, guarantees and the range of commercial, transport and general documentation related thereto ? Are they fully conversant with the Incoterms?
•Are they up to speed with changes to duty deferment guarantees?
•Do they know what a EORI number is and when it is used?
More questions soon.
This page is still under construction and more information will be available soon.