The Irish-owned and Dublin-based international trade finance firm has announced it is making up to €10m per month of trade finance available to Irish companies.
Trade finance, which is sometimes also called supply chain finance or procurement finance, enables businesses to fund a confirmed purchase order from a customer.
Typically it is required when a firm has a shortfall of current working capital such as cash, bank finance and supplier credit, or when working capital is simply unavailable to pay for goods and services for onward sale and delivery.
Julmor is a transactional funder and finances confirmed purchase orders issued to Irish companies from credit worthy buyers anywhere in the world. Julmor undertakes trade risk by buying goods against a purchase order and is a counter party to both the buyer and seller.
Unlike a bank Julmor does not lend money but instead participates in the supply chain by purchasing goods for clients against their respective delivery orders.
In light of this Julmor does not require client companies to demonstrate balance sheet strength or a lengthy trading history, or indeed much of the onerous criteria demanded by traditional bank finance.
Client proposals are typically approved within seven working days and trade finance is also available for start-ups.