Six in ten small businesses (62%) have experienced late or frozen payments during the COVID-19 outbreak, according to a survey of 4,000 companies by the Federation of Small Businesses (FSB).
Previse has become the latest SCF provider to be approved by the British Business Bank under the Coronavirus Business Interruption Loan Scheme (CBILS). The move comes after Greensill was approved under a similar scheme for larger businesses.
Greensill Capital is to launch a push into Latin American supply chain finance markets by acquiring Colombia-based Omni Latam.
Kyriba is partnering with IT services organisation Midis Group to deliver its services, including working capital and supply chain finance in emerging markets in the Middle East, Central Europe and Africa. In a statement, Kyriba said the deal would, ‘Enable the delivery of localized services and support in these regions.’
Italian bank Unicredit and Taulia have announced a partnership to offer supplier finance solutions to larger corporates in Unicredit’s European territories. The Unicredit deal comes weeks after the California-based fintech announced an agreement with JP Morgan.‘
Italian yacht maker Sanlorenzo has signed with Intesa Sanpaolo for a $50m supply chain finance programme. The company aims to use the reverse factoring scheme to support the regional SMEs that make up much of its mainly Italian supply chain.
The Dutch government is to bring in legislation reducing the maximum terms on which large companies can pay their SME suppliers from 60 days to 30 days. The change is one of the results of a reassessment of the current Large Business Payment Terms Act. That exercise showed that average payment terms increased from 41 days in Q1 2019 to 41.4 days in Q2 2019.
The issue of supply chain finance is the first item on the agenda for the next meeting of the global accounting standards body, IFRS, on Tuesday 16th June.
Ford Motor Company has launched a supply chain finance programme with C2FO to support its suppliers during the pandemic. The move comes after Ford prepared for the Covid-19 downturn by drawing down more than $15 billion from existing credit lines, issuing $8 billion of unsecured bonds and suspending its dividend.