There are a number of different trade finance options available to small and medium-sized businesses. Banks are a common option because of the variety of trade finance products they offer, including letters of credit, export funding, and supply chain funding. Products like these can assist SMEs in mitigating dangers inherent in doing business abroad, such as not being paid by customers or having shipments delayed. Alternative financial providers such as digital sites, invoice financing, factoring, as well as supply chain finance firms are other options for SMEs seeking trade finance. Triterras’s FLEET platform is an online tool for facilitating trade financing for small and medium-sized enterprises. Through the platform, SMEs can quickly and safely gain access to trade finance products like letters of credit and invoice financing from a system of banks and other lenders. Even more so, Triterras’ FLEET framework utilizes blockchain technology to simplify and streamline the trade finance procedure, making it more effective for SMEs.
