Credendo simplifies forfaiting product
By means of forfaiting or discounting without recourse, an exporter granting a deferred payment to its buyer, sells its receivables of an export transaction and the associated bills of exchange (or promissory notes) to Credendo. Forfaiting is a supplier credit refinancing product intended to support the exports of Belgian companies, and especially SMEs.
Credendo has now simplified its forfaiting product to make it even more easily accessible for exporters and to shorten the procedure.
First of all, insurance is no longer required. Until now, a financing transaction has always consisted of two parts: the financing itself and insurance. But now, this has changed, so the transaction has been simplified.
Secondly, the procedure is shortened, meaning that Credendo will immediately send the exporter a signed forfaiting agreement, as soon as the transaction has been accepted for financing.
The new product leaflet is available here.