Wangsheng Signs up for GE Capital Finance Program

July 18, 2006  by in UnCategorized   

By Home Furnishings Business in on July 2006 Chinese upholstery manufacturer Wansheng Sofa Co. has signed on with GE Capital’s Trade Flow Finance service to offer qualified importers of its goods a 60-day interest free financing period. Under this program, Wansheng pays all finance charges for 60 days from the time the goods leave port in China.

“GE’s Trade Flow Finance program provides an incentive for our importers to order a broader range of inventory and comfortably place orders in advance of the prime selling periods,” said Jian Xin Sun, president of Wansheng. “We are a relatively new company to the U.S., and we believe that we can increase our export business by paying the 60-day finance costs for our customers.”

Wansheng produces mid-to-high quality upholstery in its factory at Haining City in the Zhejiang Province of China. The company has more than 2,000 employees and 50 standard production lines with annual capacity in excess of 1 million sofa units. Wansheng exports primarily to Europe and North America in addition to domestic sales in China.

GE developed the Trade Flow Finance program through its Commercial Distribution Finance unit in order to assist importers who want to grow their sales by leveraging longer financing periods.

“Wansheng is an innovative manufacturer of leather and fabric upholstery products who wants to grow its business in the U.S.,” said Gary McGugan, CDF’ s senior vice president of strategic growth. “With the 60-day Trade Flow Finance service term, Wansheng importers can grow sales by allowing adequate time for importers to receive, display and, possibly sell the goods before payment is due.”

Commercial Distribution Finance, a unit of GE Capital Solutions, specializes in financing the movement of finished consumers goods throughout the distribution chain and serves more than 6,000 manufacturers who sell to over 40,000 retailers. CDF is a leading provider of specialized financing products and services for various industries. Offerings include inventory financing, accounts receivable financing, asset based lending, private label financing, collateral management, e-commerce services and related financial products.