USA: ThreadeXchange Forms Strategic Alliance With First International Bank
ThreadeXchange (www.threadexchange.com), the online apparel sourcing solution, and First International Bank, a subsidiary of First International Bancorp Inc (NASDAQ: FNCE), have formed an alliance to offer online financing to ThreadeXchange's users. Under the agreement, First International will offer commercial and international credit products, up to $5 million per transaction.
ThreadeXchange and First International will integrate these online financing options using ThruCredit, the bank's technological solution for financing industrial transactions via the Internet.
Buyers and sellers will be able to settle transactions and meet their other business credit needs via the ThreadeXchange platform by choosing from a full range of credit solutions comprising First International's e-CreditMenu. Products in the e-CreditMenu include basic payment guarantees, working capital lines, equipment loans, industrial mortgages, and sophisticated international trade, barter and energy financing programs.
"This alliance with a forward-thinking financial institution like First International Bank is just another step in executing our vision as the leading vertical services provider in the apparel industry," said Scott Corzine, ThreadeXchange's vice chairman and CEO. "We believe that both our buy-side and sell-side customer will benefit greatly from First International's financial offerings."
"First International Bank is well positioned to enhance global buying and selling activity for ThreadeXchange," said Brett N. Silvers, First International's chairman and CEO. "Our status in government-guaranteed lending programs will greatly support ThreadeXchange's stated goal to streamline and expedite the textile supply chain."
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