A British independent financer is launching a funding initiative to support small- to medium-sized enterprises (SMEs) in the UK fashion industry.
Legion Trade Finance said it will allocate at least £20m to boost the buying power of SMEs as they make plans for SS15.
“We have funded many businesses in the UK textiles and clothing industry, at all levels in the supply chain and value proposition,” said Paul Levy, Business Development director at Legion Trade Finance.
“Critically, our creative and innovative approach means Legion can finance not only finished goods but also material, logistics, duty and even manufacturing. We are finding that our flexibility is very welcome, especially as SMEs need to make important buying decisions yet funding is not easily accessible from traditional sources. We are therefore investing heavily in the sector and offering much needed capital to a vital industry in our economy.”
Legion is an independent financier of UK businesses with a particular expertise in the textiles and clothing industry.
It provides structured trade finance solutions to clients, allowing them to pay suppliers for goods. Legion can pay suppliers direct, provide loans or letters of credit.
In recent months, Legion has funded goods with an onward sale value of over £5m. It has supported a wide variety of businesses, from haute couture designers to high street suppliers through to discount stock wholesalers.