Global Demand for Credit in Covid-Time 2H2020

Posted by: Yvonne Luker - Global Chamber on Friday, August 14, 2020

This globinar covered the global demand for credit in these extraordinary (Covid-19) times, and how companies doing international business can best understand, manage and use credit and credit insurance to optimize success.

Watch the full presentation with Q&A HERE on youtube. We were honored to feature world-renowned expert on managing credit, Gary Mendell, President at Meridian Finance Group.

Demand for credit was growing in the U.S. and around the world even before the coronavirus outbreak. Now companies face even greater challenges, especially for exporters and others working across borders.

How much credit should you extend to your customers? What terms should you offer? When will you get paid? Where will you find working capital? Can you still obtain credit insurance? How much will it cost? Will it cover coronavirus risks?

In Gary's presentation he covered credit demand today and what you can do to manage it.

  • Why trade debtors need and want longer payment terms
  • Credit conditions in the USA and in key overseas markets
  • How to evaluate debtor creditworthiness in this environment
  • Recognizing/managing accounts receivable nonpayment risks
  • Don’t allow coronavirus excuses to mask other credit problems
  • Utilizing reputable credit bureaus like Creditsafe during this time

In addition, Gary covered how the credit insurance market is adapting to the new risks, along with best practices for obtaining and using credit insurance now.

One of the key take-aways was Gary's thoughts on the trends to extend payments from 30 days to 60-90, and even 120 days by Boeing. He also covered techniques to determine post-Covid how companies are really doing in order to determine how much leeway to give with credit. This is important in order to not make a bad situation worse if one of your suppliers is truly in trouble.

Another helpful aspect of this discussion was Gary's covering the insurance tools and some financing options to effectively manage capital in good times and bad. There are ways to use these tools effectively to reduce risk. Help is available to successfully navigate today's world including world-class resources from a variety of sources including EXIM Bank - Export Import Bank. Contact Meridian Financial Group for more, either Gary Mendell directly or Mabel Luen.

Speaker Biography

Gary Mendell - President at Meridian Finance Group. Gary is President of Meridian Finance Group, a company providing credit, insurance, and trade finance tools that companies use to expand their U.S. and international sales. 

A graduate of the University of Pennsylvania in 1976, Gary has over 40 years of experience in domestic and international sales, distribution, credit, and finance. 

Prior to Meridian Finance Group, he held positions managing U.S. and export business development for companies in the pharmaceutical, aerospace, and plastics industries. 

Gary has received the President’s “E” Award and currently serves on the federal government’s Trade Finance Advisory Council

 

Moderator: Doug Bruhnke - Founder/CEO of Global Chamber®. Doug is a global entrepreneur dedicated to helping members of Global Chamber® successfully reach new markets across 525 metros - everywhere! He is a two-time expat with Dupont in Tokyo and Singapore with over 30 years of global business experience in nearly all countries and segments. Doug is also regional advisor for U.S. Global Leadership Coalition and a member of Arizona District Export Council, British American Business Council of Northern California and more. He has a B.S. in Chemical Engineering from University of Utah and an EMBA from Michigan State University, and is co-inventor on 5 patents. Doug was born in Mt. Kisco, New York and now is based in Scottsdale, Arizona and Palo Alto, California. Hear the Global Chamber® story here.

 

Yvonne Luker - Global Chamber

 

 

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