TangoTrade and Fundation Provide Up To $1 Million For U.S. Small Businesses To Purchase Goods From Overseas
Today’s announcement means US SMBs now have significant funds not been available previously. TangoTrade Payment Assurance™ solution, is now integrated with award-winning commercial credit solutions provider Fundation to empower SMBs to finance transactions through an integrated experience. SMB importers and exporters now have access to a combination of payment security, market-leading foreign exchange (FX) rates for over 130 currencies, and now import financing of up to $1 million.
Many of us have heard about the challenges these firms face. I’m here at ASD Marketweek with 45K+ buyers who navigate this day in and day out. The stories are ones of growing a business and building relationships with vendors. Payment Assurance along with this financing capability will help provide the confidence small businesses need to grow. Looking around at the 1MM+ product lines, I’m reminded that one-third of all US imports and exports are done by SMBs
With Payment Assurance along with this access to financing, TangoTrade enables a platform-delivered replacement for letter of credit (LC). SMBs struggle with LCs due to the high associated fees, low SMB approval rates, and the time consuming, complex process. As a result, SMBs face significant hurdles when sourcing global products and tapping into international marketplaces to expand their business. Payment Assurance is the first solution that combines payment security, market-leading foreign exchange rates and now significant financing that addresses issues of letter of credit for SMB importers and exporters.