13 May 2022, Mumbai:
Fashinza announces over $15 million financing program for SME apparel manufacturers, in partnership with Stride One, SaraLoan, and other fintech lenders.
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Fashinza, a B2B, new-age product development and production management platform enabling fashion brands and manufacturers to produce better, together, has joined hands with Stride One, SaraLoan, and other fintech lenders to empower apparel manufacturing SMEs with an over $15 million supplier-financing program.
The lack of requisite working capital has been a significant challenge and a roadblock for SME suppliers and manufacturers in fulfilling large orders from big fashion labels. The supplier finance program from Fashinza and the fintech lenders will help SMEs to receive their payments on due dates or early payments.
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This will help SMEs scale their business without capital limitations. The supplier-financing program, offered by Fashinza in partnership with Stride One, SaraLoan (Blacksoil’s fintech arm), and other fintech lenders, will help manufacturers to focus on production without financial stress, and enable brands to focus on their operations and sales without their cash getting stuck in production.
Also, the long-term benefits for SMEs are the ability to scale up capacity and get new opportunities to grow their business faster.
According to Abhishek Sharma, Co-Founder and COO, Fashinza: “India’s contribution to apparel manufacturing and the global fashion industry is undisputed.
While there is immense scope to grow for SMEs, the availability of working capital remains a challenge. Our financing program for SMEs is an enabler and is empowering small manufacturers.
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