Export Credit Insurance Financing ("ECIF")
Funding solutions
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The Export Credit Insurance Financing ("ECIF") is a short-term or long-term trade financing provided by BELL CAPITAL to the exporter by which customers transfer the insurance beneficiary ownership to BELL CAPITAL after they have arranged the export credit insurance for the goods or services. ECIF can be classified as ECIF bill purchase or ECIF receivables purchase.
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Export Credit Insurance Financing
ECIF bill purchase means that customers transfer the beneficiary ownership of the insurance to BELL CAPITAL after they have arranged the export credit insurance for the goods or services; BELL CAPITAL will pay customers an amount equal to a certain percentage of the invoice value during this time.
ECIF receivables purchase means that customers transfer the beneficiary ownership of the insurance along with the receivables under the export contract to BELL CAPITAL, after they have arranged the export credit insurance for the goods or services. BELL CAPITAL will, within the coverage of the policy, purchase the receivables of the exporter for an amount equal to a certain percentage of the invoice value with the recourse against the risks not covered by the policy during this time
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Customers can get money before the importer makes a payment, which speeds up the funds turnover.
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The procedures are much simpler compared with working capital loans.
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It can increase cash inflow of the current period in order to improve the financial standing and capacity in financing of customers.
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Customers will have better-looking financial statements through ECIF receivables purchase.
Preparation
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Here's what you need
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1)..... The customer submits the following documents to BELL CAPITAL for application: Application for Export Credit Insurance Financing. The export contract, commercial invoice, original Customs declaration, original or copy of Product Origin Certificate, and other documents specified in the import and export contracts if the term of payment is by remittance. The permit or license for export if required. The following written documents verified and issued by First Group Capital or other Insurance provider: Export Credit Insurance Policy; The Certificate of Approval for the Credit Limit; The Schedule, the Cover Note or other documents issued by First Group Capital or other Insurance provider that adequately prove the validity of the insurance. In the case of ECIF receivables purchase, the Notice of Receivables Transfer issued by the customer to First Group Capital or other Insurance provider and the commercial invoice that indicates the clauses of creditor's claims transfer shall be provided. If the invoice does not contain the clauses of transfer of creditor's claims, the Cover Letter for Receivables Transfer signed and sealed by the customer shall be provided. The foregoing cover letter shall explicitly state that the creditor's claims of the receivables have been assigned to BELL CAPITAL and shall specify the transfer path for receiving foreign exchange. Other documents as required by BELL CAPITAL.
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2)..... BELL CAPITAL reviews the application and signs the Contract for Export Credit Insurance Financing with the customer before disbursement
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3)..... The financing funds shall be repaid after reception of the payment from the importer.
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