Import finance provides cash advances or borrowing facility to importers for making payments for their purchase orders from exporters. It funds the gap between receiving the goods and making the payment. Importing and exporting are quite complex transactions and there's usually a long time between the purchase and the delivery of products, which might result in a considerable cash flow problem for SMEs since they need to function and cover their expenses while waiting for the products to arrive. Import finance facility helps ease the pressure on cash flow and gives time to the importer to arrange funds while tending to their working capital requirements.
To be eligible for import funding, following documents are generally required:
Various types of import financing options:
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