ORLANDO,
Fla., May 9, 2024 /PRNewswire/ -- LSQ, a
leading provider of working capital and payments management
solutions, recently announced the creation of a $25 million supply chain finance (SCF) program
with a large Kentucky-based
specialty energy company serving the metals manufacturing industry
globally.
The new SCF program allows the company to provide
third-party-funded early-payment opportunities to their suppliers
while standardizing payment terms to create working capital for the
entire supply chain.
"We are seeing more and more emphasis put on working capital
management - especially among exporters," said Miguel Serricchio, Chief Channel Development
Office at LSQ. "A supply chain finance program is a great way to
free up liquidity for both buyers and suppliers and we are eager to
help drive growth for our new client."
EXIM Supply Chain Finance Guarantee
The new facility for the energy firm is backed by the
Export-Import Bank of the United
States (EXIM) as part of their Supply Chain Finance
Guarantee Program. The program incentivizes lenders to fund SCF
programs by reducing risk, increasing availability, and lowering
costs by providing a 90-percent guarantee to lenders who fund
supply chain finance programs for U.S. exporters.
"EXIM's support was critical in making this SCF facility
possible," said Serricchio. "By providing the guarantee, they are
leveling the playing field for U.S. exporters as they look to
compete in global markets and, by extension, supporting American
jobs."
Building on an Existing Relationship
The new facility is not the energy firm's first engagement with
LSQ: they have been a long-time supplier participating in U.S.
Steel's EXIM-backed SCF program.
"We are excited every time we get the opportunity to work with a
new company," said LSQ Senior Vice President Lori Sternola. "This relationship is doubly
rewarding since it's based on an existing relationship and LSQ's
ability to provide exemplary service and working capital to our SCF
suppliers. It's a testament to our customer success and product
teams and the work they do to support our buyers and
suppliers."
About LSQ | lsq.com
LSQ is a market leader and pioneer
in working capital finance and payments solutions. For nearly 30
years, LSQ has leveraged innovative technology, credit and risk
expertise, and proprietary data that empowers thousands of
businesses to optimize their working capital, automate and
accelerate payments, manage collections, and mitigate risk. Every
year, we accelerate billions of dollars in payments to businesses
and their suppliers through our LSQ FastTrack platform to help them
obtain the funds they need to grow and thrive. LSQ is headquartered
in Orlando, Florida. Learn more at
www.lsq.com.
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SOURCE LSQ Funding