Suzhou Chint Enterprise Plugs into Cloud Platform to Remove Capital Pressure
Knitted Garments Provider Removes Capital Related Risks and Costs from Global Transactions
New York, NY, Apr. 15, 2016 – GT Nexus announced today that Suzhou Chint Enterprise, a garment exporter based in Jiangsu, China, has tapped into the GT Nexus network to finance exports to key customers in the US and Europe.
Suzhou Chint specializes in knitted apparel, delivering $75 million (500 million RMB) in goods annually to overseas customers. Suzhou Chint is a leading garment manufacturer to many well-known apparel brands such as Perry Ellis, PVH, and Tharanco. It deploys a total workforce of 1,300 and runs a 50,000-square-foot plant.
“Accessing capital at reasonable rates is a challenge that puts pressure on our business,” said Feger Yu, Manager of Suzhou Chint. “Connecting to the GT Nexus platform allows us to access financing at rates based on the financial strength of our customers overseas. We receive funds within days instead of waiting weeks on extended payment terms. Removing this financial pressure frees us up to deliver better service to customers and grow our business while lowering our costs.”
Capital constraints often have a direct impact on suppliers and factories in sourcing hubs around the world, such as China. Suzhou Chint recently secured $459,000 (3 million RMB) in financing and received payment in seven days.
“Thousands of manufacturers and factories in emerging regions struggle from lack of access to capital needed to run their business, such as purchasing raw materials,” said Kurt Cavano, President, GT Nexus. “This brings unnecessary friction and challenges into the global supply chain. A cloud based platform connects the buyer, supplier and finance provider to inject capital into the transaction and remove this pain.”
More than 20,000 suppliers and factories around the world are connected on the GT Nexus platform to transact with customers and obtain financing from 40 financial institutions.