Buy tooling now pay later – up to 120 Days to make payment (Maybe more!)
Need longer than 30 day net payment terms to pay for tooling purchases?
Lets Talk Tooling Finance
Short-Term Relief for Tooling Purchases: Cash Flow Relief for Manufacturers
The pressure of waiting for the typical 30-day net terms from vendors can strangle your cash flow and limit your ability to invest in growth.This short-term financing program is designed to be your breath of fresh air, specifically for manufacturers facing tight cash flow situations.
Here’s how we help: We offer extended payment terms of up to 120 days for your tooling purchases. Imagine the difference! This extended runway allows you to spread out your payments, significantly easing the burden on your cash flow. That means more money available for day-to-day operations, strategic investments, or even taking on new projects.
On top of that, you'll enjoy:
- Credit lines up to $3 million to cover even the most significant equipment needs.
- Competitive rates to keep your financing costs manageable.
Qualifying is easy: As a US-based manufacturer with at least 2 years of operation, exceeding $500,000 in annual sales and with a positive net worth, you’re a perfect candidate. The approval process is quick and requires minimal documentation: just your financial statements, bank statements, and basic company information.
Once approved, you'll benefit from:
- Low monthly interest rates to keep your financing costs in check.
- Transparent transaction fees, so you know exactly what you're paying.
- A hold placed on a portion of the invoice amount until the loan is repaid.
Don’t let upfront tooling costs hold you back. With 120-day financing, you can invest in growth today and pay comfortably over time.Contact us today to learn more about this program and get started on your path to success!
Why Choose Our 120-Day Unsecured Credit Line Plan?
- Flexible Payments: Lender pays your domestic and international vendors. You pay the Lender up to 120 later.
- Unlock Growth: Elevate your borrowing power now with the industry's highest limit and most competitive rates for an unsecured credit line.
- Larger Limits: Credit limits up to $3 million USD
- Lower Pricing: Beat comparable offers
- Flex Payment Options: No prepayment penalties
How the 120-Day Unsecured Credit Line Works:
- Step#1 : Select a domestic or international business invoice for which the terms are needed and share a copy of the invoice along with supporting documents with the Lender.
- Step#2 : The Lender collects a 20% margin based on the invoice amount and pays 100% to the Supplier after the invoice has been approved.
- Step#3 : Your business pays back the 80% plus associated fees within the approved credit terms, which can be up to 120 days.
120-Day Unsecured Credit Line Overview:
US Buyer Finance (Payable Finance)
Payable finance for US-based buyers. Helping buyers by paying their supplier invoices while the buyer pays the Lender later.
Eligibility:
To ensure a high approval rate, the final decision is always at the Lender’s Credit Team’s discretion.
- The business entity operating in the USA/Canada for a minimum of 2 years.
- Minimum annual sales of $500,000 and a positive net worth
- Products should not include perishables, weaponry, jewelry, or any high-risk items. Drip primarily focuses on businesses buying products with more than 6 months of shelf life.
- The Lender does not fund any related party transactions.
Documentation:
- For credit evaluation, the following information/documents are necessary (Additional details may be required)
Financial Information:
- 2023 Year-End Financials (Balance sheet and Income statement)
- 2022 Year-End Financials (Balance sheet and Income statement)
- Monthly bank statements for the last 12 months
Non-financial Information:
- Authorized signatory details (Name, Email, Designation, and Phone Number)
- Ownership percentage of the signatory
- Certificate of Incorporation
Once the Lender receives the above documents via its online portal, we will conduct an underwriting process and let the channel partner/client know about the credit limit and other financing terms.
Credit Limit:
- Once a client meets all the eligibility criteria and upon review of the documentation, the Lender typically offers Payable finance in the range of $50k to $3M.
Commercials:
- The Lender usually charges a monthly interest rate of 1.3% to 1.8% along with a transaction fee and offers credit terms of up to 120 days.
Financing:
- Buyer shares soft copies of the invoice & a supporting document.
- The Lender collects a 20% margin from the buyer and pays 100% to the Supplier after the invoice approval.
- The buyer pays the Lender back 80%, plus associated fees within the approved credit terms.
