Bpifrance and Euler Hermes have formed a partnership to help provide a short-term financing product for French SME exporters.
The new solution, AVANCE+EXPORT, will involve the assignment of export receivables and help companies further diversify internationally. Nicolas Dufourcq, chief executive officer of Bpifrance, says: “We seek to promote the development of their commercial transactions with foreign customers.”
“Our mission is to support the growth of SMEs and mid-size enterprises, notably through innovation and access to international opportunities.”
There are currently 120,000 exporters in France and large corporates help drive the overall export performance. The partnership with Euler Hermes will help support the bank’s receivables financing product line for SMEs.
Nicolas Delzant, chairman of the board of management of Euler Hermes France, says: “Thanks to our daily monitoring of companies around the world, we have observed that the risk of unpaid invoices on exports by French companies remains high.”
“In 2014, for example, the IDEX index, which tracks company insolvency trends among France’s leading export partners, was nearly twice as high as its pre-crisis level. Through this new product line, Bpifrance’s customers will be able to obtain additional and secure financing,” Delzant adds.