Entreprises et entrepreneurs

Introduction au financement du commerce – pour les entreprises

What is trade finance and why may I need it?    There are many definitions of trade finance, varying by organization and purpose. Trade finance includes the financial instruments and products used by companies to finance international trade, importing and exporting. Trade finance covers a wide range of financial products and can help companies increase the volume of transactions they make, help them satisfy large contracts, scale and grow internationally. (See Trade Finance Global’s  Trade Finance Explained.)   Many firms do not have the necessary working capital to self-finance exports where payment might only be received after the goods arrive at the purchaser, or to pay up-front for imported goods that are being shipped from abroad. Because of the time between purchase and delivery and the many possibilities for disruption that can occur due to transportation mishaps, purchaser demand, or economic and political events, international trade has many risks that can be alleviated through trade finance.   Trade finance and Incoterms are highly related. Incoterms is an abbreviation for “International Commercial Terms.” Issued by the International Chamber of Commerce (ICC) and globally recognized, Incoterms define the obligations between buyers and sellers. (See the Trade4MSMEs Guide on Incoterms).   What are the different types of trade finance arrangements directly between buyer and seller?   Trade Credit: This is the least expensive arrangement for the buyer (importer). Normally, the buyer has to pay for the product within a set timeframe after shipment is complete, often ranging between one to three months. This can leave the seller (exporter) with a high level of risk of non-payment. The seller often takes out insurance in case the buyer fails to comply.   Cash Advances: This involves the payment of unsecured funds to the exporting business before the goods are shipped. Like trade credit, it is often based on trust, however, cash advances take the risk from the seller (exporter) and place it on the buyer (importer), as the seller receives payment immediately. Risks can include shipping delays or non-delivery. What are other types of trade finance and methods of payment?   By using different types of financing, like letters of credit and receivable finance, suppliers can not only reduce their risk for non-payment but can also receive early payment for their invoices and other documents, thereby decreasing the risk of supply disruptions and increasing working capital.   Letter of credit (LC): These are contractual commitments issued by banks or specialist trade finance institutions. An LC guarantees that the seller will be paid on behalf of the buyer if the terms specified in the LC are fully met. Letters of Credit are created to protect both exporters and importers.   Bank payment obligation (BPO): This is similar to a letter of credit and requires a bank to pay if appropriate documents, in this case digital, are presented. BPO is an irrevocable undertaking given by one bank to another that payment will be made on a specified date after successful electronic matching of data according to industry-wide rules set by the International Chamber of Commerce Banking Commission (ICC)   Documentary collection:   Documentary collection is an exchange between banks, where the seller/exporter requests payment by presenting its export documentation, including shipping and collection documents to their remitting bank. These documents are presented to the buyer/importer’s bank and the exporter’s bank will be credited by the importers. Unlike a letter of credit, no payment guarantee is made, no document verification is made, and no credit or country risks are assumed by the bank. Payment is solely based on the available funds of the buyer.   Bill of exchange or promissory note: These are documents between two transacting parties that confirm a financial transaction has been agreed.   Open account transactions: These are arrangements for buyers to pay sellers within a certain amount of time (typically 30-90 days), with no additional formalities. This type of payment is very beneficial to buyers but leaves sellers with more risk. Supply chain finance: is a cash flow solution that businesses can adopt to help free up working capital stuck in global supply chains (see the Trade4MSMEs guide on supply chain finance).   Other forms of financing: There are other types of financing tools that firms can also consider for trade, including equity finance, leasing, asset-backed finance, or even fintech like crowdfunding or peer-to-peer financing.   Term loans: These are also a longer-term financing option permitting the borrowing of a determined amount for a specific period of time from a bank or other financial institutions. They come with a specified repayment schedule and fixed or floating interest rate payments. What type of trade finance is right for me?    It is important to understand the costs and benefits of using trade finance to help you decide if it would be a good option for your business. You may have the cash to enable a transaction without additional finance, but It’s worth considering if the additional assurances and guarantees that trade finance provides could help you free up working capital for other business development and expansion. Links to Supporting Information    Trade Finance Global’s  Trade Finance Explained, a guide for MSME importers and Exporters. This guide is co-authored by Trade Finance Global, the ITC, the Federation of Small Businesses (FSB), the Institute of Export & International Trade (IOE&IT), the British Exporters Association (BExA), the Forum of Private Business (FPB), and the International Finance Corporation (IFC).   International Trade Centre’s (ITC) How to Access Trade Finance  information on types of trade finance and how to access it.   International Chamber of Commerce (ICC) Academy’s What is Export Finance  Guide Export Finance   Trade Finance Global  Methods of payment in trade finance | TFG 2023 Guide (tradefinanceglobal.com) and  Letters of Credit (LCs) – TFG 2023 Ultimate Guide & Free Video (tradefinanceglobal.com)   UNECE United Nations Economic Commission for Europe Bank payment obligation – Trade Facilitation Implementation Guide on Bank Payment Obligation   International Chamber of Commerce  ICC-Guidelines-for-the-Creation-of-BPO-Customer-Agreements   Trade Finance Global Documentary Collections (DCs) | Trade Finance Global [UPDATED 2023]   Trade4MSMEs guide  Trade Insurance   Trade4MSMEs guide Incoterms   Trade4MSMEs guide Supply Chain Finance   The International Trade Centre’s (ITC) How to Access Trade Finance guide, written for small exporters to understand how to access trade finance.   The ITC SME Trade Academy  ITC SME Trade Academy – Summary of Export Finance and Payments training course on Export Finance and Payments   The International Chamber of Commerce (ICC) offers a trade finance online training and certificate.   The Global Trade Helpdesk can also suggest potential trade finance providers

Financement de la chaîne d'approvisionnement

What is Supply Chain Finance (SCF)?    Supply Chain Finance SCF is a cash flow solution that businesses can adopt to help free up working capital stuck in global supply chains. It is a wider category of trade financing, encompassing all the financing opportunities across a supply chain.   What are SCF products?    SCF has two main categories of various products for buyers and sellers to receive finance:   Receivable purchase SCF: This is when a finance provider purchases the amount you owe to another business, called a receivable, at a slight discount so that you have immediate access to working capital and your debt burden is not affected. The amount is taken off your balance sheet, which can increase your borrowing capacity. These types of products include receivables discounting, forfaiting, factoring, and payables finance (reverse factoring).   Receivables discounting is when a financial institution purchases receivables from a seller of goods or services, such as unpaid invoices, at a slight discount. At the receivable’s maturity, the buyer listed on the receivable pays the financial institution directly, rather than the originator of the invoice (receivable).   Forfaiting is when medium- to long-term payments for foreign accounts receivable (such as letters of credit or promissory notes) are sold at a discounted price for immediate payment. The importer/buyer then pays the financial institution directly upon the receivable’s maturity. Forfaiting only applies to international transactions.   Factoring refers to when accounts receivable documents, such as invoices, post-dated checks, or bills of exchange are sold to a financial institution at a discounted price for immediate payment(see the Trade4MSMEs guide on Trade Documents). Information on other trade documents for export can be seen in the Trade4MSME guide on Trade Documents for Exports. Upon sale, the financial institution also becomes responsible for managing the debtor portfolio and collecting the receivable. As previously, the buyer pays the financial institution directly when the debt is mature.   Payables Finance (reverse factoring) refers to early payments to suppliers by a financial institution both based on the buyer’s creditworthiness and at the buyer’s initiation, not on the seller/supplier’s credit grade or request. The buyer then pays the financial institution directly at the debt’s maturity or due date.   Loan-based SCF: Is where the receivable stays on your balance sheet and is used as collateral to access finance. These products include loan/advance against receivables, distributor finance, loan/advance against inventory, and pre-shipment finance.   Loan/advance against receivables is when financing is made available based on current or future receivables and is usually, but not always, secured with those same receivables. At its maturity, the seller of the receivable accessing the finance repays the financial institution.   Distributor finance is when a large manufacturer or other financial institution provides finance to cover the costs of distributors between the time, they receive goods and the time they sell them to consumers. This finance is usually through direct loans. At maturity, the distributor repays the manufacturer or financial institution directly.   Loan/advance against inventory is a loan to a participant in a supply chain for holding or warehousing inventory. Generally, the loan is issued against that same inventory and the proceeds of sales are used for repayment.   Pre-shipment finance is credit made available to a seller to finance the preparation and shipment of goods to a buyer, generally requiring a purchase order from an anchor firm. The financial institution issuing the finance usually requires a percentage of the value of the order as an advance and disburses the loan in stages as the order is fulfilled. At maturity, the seller repays the financial institution.   SCF techniques are more likely to be used in open account transactions when the two parties know each other and have done business previously. SCF may also be referred to as supplier finance, payables finance, or reverse factoring.   How can I access SCF and what are the benefits?    SCF is offered by banks, funding providers, and alternative lenders, including FinTechs. Some of the benefits your business could gain include: Improved working capital efficiency Less expensive sources of financing Payment security / reduction of late payment Mitigation of default risk Improved relationships with your anchor company Expanded sales, which can enable more growth Off-balance sheet financing   Links to Supporting Information    International Finance Corporation  Supply Chain Finance Knowledge Guide(ifc.org). In-depth guides on SCF are available from the International Finance Corporation   Trade Finance Global Supply Chain Finance | 2023 Guide | Trade Finance Global   Trade4MSME Guide  Trade Documents for Exports   World Bank Group:  International Finance Corporation  World Bank Document comprehensive guide to Supply Chain Finance by Development Banks and Public Entities   SME (Small and Medium Enterprises) Finance Forum:   An in-depth presentation on SCF. The recorded course is available here Supply Chain Finance Training Series – IFC & SME Finance Forum on Vimeo

Fournisseurs de financement du commerce

De quel type de prêt de financement du commerce ai-je besoin ? Les petites entreprises et les nouveaux exportateurs ont souvent du mal à accéder au crédit et au financement. Il existe cependant de nombreuses ressources différentes que les MPME (micro et petites entreprises moyennes) peuvent explorer. Qui sont les prêteurs pour le financement du commerce ? Il existe plusieurs types de prêteurs pour le financement du commerce. Vous trouverez ci-dessous une brève description de certains des plus courants : Les banques d'entreprise et les banques commerciales : Ces banques peuvent offrir aux entreprises une gamme d'options de crédit commercial, y compris l'acceptation de lettres de crédit ou de lettres de change, ou la facilitation de l'encaissement documentaire (voir le guide Trade4MSMEs sur le financement du commerce). Les banques d'affaires s'occupent généralement de très grosses transactions, tandis que les banques commerciales sont plus accessibles aux petits négociants. Les fournisseurs de financement alternatif : Il s'agit de prêteurs non bancaires. Il peut s'agir d'investissements privés, d'options de financement par la foule ou d'autres fintechs qui permettent aux utilisateurs d'accéder à des services financiers autrement que par l'intermédiaire d'une banque traditionnelle. Le financement alternatif, ou non bancaire, peut parfois être plus accessible aux petits commerçants parce qu'ils ne sont pas soumis aux mêmes réglementations que les banques traditionnelles, ce qui peut inciter ces dernières à ne pas consacrer les ressources nécessaires pour permettre les petites transactions. Les fournisseurs de financement alternatif basés sur les nouvelles technologies peuvent également être en mesure d'examiner différents types de garanties, ce qui peut ouvrir de nouveaux domaines de financement pour les entreprises, y compris le financement de la chaîne d'approvisionnement (voir le guide Trade4MSMEs sur le financement de la chaîne d'approvisionnement). Institutions de financement du développement (IFD) : Elles fournissent une aide au financement du commerce aux entreprises afin de promouvoir le développement économique. Elles peuvent être financées par les gouvernements nationaux et ont tendance à être spécifiques à un pays ou à une région. Les IFD opèrent généralement en tant que coentreprises sur les marchés émergents et peuvent fournir des assurances et des garanties contre les risques politiques et socio-économiques afin d'encourager l'investissement. Comme les banques commerciales, elles peuvent également fournir des lettres de crédit de soutien, des facilités d'escompte de factures et des financements de projets à moyen et long terme. Bien que les IFD puissent avoir pour objectif général d'accroître le financement des petites entreprises, elles ne prêtent souvent pas directement aux entreprises. Agences de crédit à l'exportation (ACE) : Ce financement est utilisé pour aider les exportateurs par le biais de prêts, de garanties de prêts et d'assurances. Les transactions soutenues par les OCE sont à forte intensité de capital, comme les machines pour les projets à grande échelle. Elles ont des échéances de financement à long terme et des conditions attrayantes, car elles sont généralement accordées par le biais de facilités de financement gouvernementales. Les OCE peuvent avoir des exigences minimales, telles que la taille d'une transaction, ce qui pourrait exclure certains petits négociants. De quoi ai-je besoin pour accéder à ce financement ? Les prêteurs ont des exigences et des critères différents pour accéder à leurs options de financement en fonction du niveau de risque, du taux d'intérêt et des conditions de remboursement. Si vous souhaitez accéder au financement du commerce, commencez par comprendre vos besoins financiers, puis contactez les prêteurs que vous avez ciblés. Liens vers des informations complémentaires Centre du commerce international (CCI) Comment accéder au financement du commerce Un guide pour les petits exportateurs. Guide Trade4MSMEs Trade Finance Introduction Guide Trade4MSMEs sur le financement de la chaîne d'approvisionnement Nations Unies OHCHR | Institutions de financement du développement OCDE (Organisation de coopération et de développement économiques) Institutions de financement du développement et développement du secteur privé - OCDE Académie du commerce pour les PME (petites et moyennes entreprises) de l'ITC Cours sur le financement des exportations et les paiements Cours de formation en ligne Trade Finance Global Trade Finance Explained, an SME Guide for Importers and Exporters, est une publication co-écrite par Trade Finance Global, l'ITC, la Federation of Small Businesses (FSB), l'Institute of Export & International Trade (IOE&IT), la British Exporters Association (BExA), le Forum of Private Business (FPB), et la Société financière internationale (SFI).

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