Hong Kong & Shanghai Leather Corp. Launch Trade Flow Finance Service

Furniture World Magazine

Hong Kong and Shanghai Leather Corp. announced the introduction of GE's Trade Flow Finance service that provides importers a 60-day, interest-free financing period from the time goods leave port in China. The program, offered through GE's Commercial Distribution Finance unit, is designed to help manufacturers grow their business by offering importers attractive financing terms that encourage them to buy more. "We pay the 60-day finance costs so importers can comfortably receive, display and maybe even sell the goods by the time payment becomes due," said Leo Nipshagen, president of HSLC. " With the GE Trade Flow Finance service, our goal is to increase sales in the U.S. and Canada by making it easier for our customers to import, finance and sell our quality furniture." HSLC sells a wide range of residential furniture produced in three factories in the Shanghai area. Founded in 1992, HSLC started production in China in 2003 and now sells products to independent importer/distributors in Europe, Australia and North America. "Hong Kong & Shanghai Leather wants to grow its sales in North America to emulate its success in Europe," said Gary McGugan, CDF' s senior vice president of Strategic Growth. "With the Trade Flow Finance service, HSLC now offers its importers a way to relieve cash flow pressures from existing and expanded purchases." Commercial Distribution Finance, a unit of GE Commercial Finance, developed Trade Flow Finance in response to furniture industry demand for financial tools that will assist importers who are looking to increase retail sales by leveraging longer financing periods. About GE's Commercial Distribution Finance unit GE's Commercial Distribution Finance unit specializes in financing the movement of finished consumers goods throughout the distribution chain, serving more than 6,000 manufacturers who sell to over 40,000 retailers. Offerings include trade flow financing, inventory finance, accounts receivable financing, asset-based lending, private label financing, collateral management, e-commerce services and related financial products. For more information, visit CDF's web site at www.gecdf.com About GE Commercial Finance With approximately $230 billion in assets and an expertise in the mid-market segment, GE Commercial Finance provides loans, operating leases, financing programs and innovative structured capital to help customers grow. A wholly owned subsidiary of the General Electric Company, GE Commercial Finance is headquartered in Stamford, Connecticut, USA.