Tradewind Finance has rolled out adjustments to its services to make things more flexible for those facing financial uncertainties during the coronavirus pandemic.
For instance, the trade finance company will extend the length of time for financing payment terms to 180 days. Tradewind said this will allow for companies to offer extended payment terms to buyers, which can lead to more transparent relationships.
Tradewind Finance is offering these services not only the firm’s existing clients, but also to new companies who need them, the firm said. Tradewind’s clients include an array of industries like medical supplies, seafood, electronics and apparel.
Tradewind is also looking to help companies that are now sitting on products they can’t sell due to the mass shutdowns and shelter-in-place advisories. For those companies, creative solutions will have to be implemented.
The company says many businesses are facing a dilemma during the COVID-19 crisis, having to choose between cooperating to preserve relationships and putting their own survival first. Tradewind Finance Chief Financial Officer and Senior Executive Officer Peter Maerevoet advocates acting in favor of strong, genuine partnerships.
Maerevoet wrote in a recent opinion piece that the crisis would lay bare the nature of many business partnerships, saying superficial ones would likely be terminated for good while strong and honest ones would weather the pandemic.
The coronavirus pandemic has had turbulent effects on the world’s supply chains, as manufacturing has been forced to slow and people have needed to stay away from each other to avoid transmitting the virus. Many suppliers for retail needs like clothing have had to cancel some payment orders and the ones that do go through have taken longer than usual.
Some companies are angling to get payments out faster, and still others have taken the steps Tradewind has and extended the length of time to finance payment terms.