NEW YORK, AUGUST 22, 2019 – Newbridge Global Sourcing (“Newbridge”), a leading alternative capital provider, announced an expansion of its service offering to include Accounts Receivable Financing and Asset-Based Lending in response to market need. With complementary products, Newbridge offers clients maximum funds available while helping them improve supplier relationships.
“We’re excited to add to our product line to help growing companies with additional working capital,” said Brian Weiner, CEO of Newbridge. “We help companies access cash that is tied up in accounts receivable and inventory. We look forward to continuing to help SMEs and large enterprises grow with our unique funding solutions.”
Accounts Receivable Financing, or factoring, is when a business lends against or sells its receivables for immediate cash. In addition, Newbridge is offering Asset-Based Lending which is based on the value of assets including accounts receivable, inventory and other assets. The company’s flagship product, Payables Funding, offers a true supply chain financing solution that covers 100% of the cost of inventory and supplies.
Newbridge provided more than $60 million in committed financing to clients throughout North and South America as well as Asia during the second quarter of 2019. Transactions included $56 million in accounts receivable and supply chain financing to a consumer products company which designs, manufactures and markets technology products and accessories for sale in North America, Canada and Mexico; a $2 million asset-based facility for an information technology company focused on cybersecurity for global and major money center banks; and $6 million in supply chain and accounts receivable funding for a Texas exporter of meat and poultry to help them expand their reach to Mexico-based distributors and retailers.