Presentation on Peer-to-Peer & Alternative Lending aids America-Africa Trade
San Diego, CA, April 23, 2007 - John Dunlop, CEO of InterNetLC.com, will address the Third Annual African Investment Corporation’s Forum on Projects and Finance for the Cameroon, to be held in Washington, DC from April 23-27,. Dunlop’s talk presents alternative finance and eCommerce solutions hampering exports between America and Africa.
InterNetLC.com finances American exports for small-to-medium sized companies unable to qualify for commercial banking loans, EXIM guarantees or SBA assistance.
InterNetLC.com’s Export Transaction Financing™ program can arrange transactional short-term pre-shipment loans for the beneficiaries of Documentary Letters of Credit. InterNetLC.com’s loans range from $10,000 to $10,000,000 and can be approved in about five working days.
The money is advanced by InterNetLC.com’s network of social lenders, most of whom live in the United States.
InterNetLC.com has been successful in assisting exports to Africa. “The cornerstone of U.S. trade relations with African countries is the African Growth and Opportunity Act (AGOA) which was signed into Law on May 18, 2000, by President Clinton,” said Dunlop.
"AGOA promotes economic development and reforms in sub-Saharan African, and it grants benefits to entrepreneurs, farmers and families while promoting increased opportunities for U.S. businesses.
“However, many Americans are not comfortable financing deals involving countries like Nigeria, the Cameroon, Ethiopia and Algeria, where there is a lot of potential business,” he explained.
“The beauty of transactional loans using an Assignment of Proceeds against a Documentary Letters of Credit is that our peer-to-peer lenders are financing against the IMPORTER’S equity, which is already in a bank escrow account,” Dunlop continued.
“InterNetLC.com provides the back-office service of preparing the paperwork for both importer and exporter using the 60-plus trade documents available on our website. By combining the internet with established banking procedures, we all avoid delays and bank discrepancy fees - and InterNetLC.com can monitor that everyone is doing everything possible to make the transaction happen as agreed,” Dunlop elaborated.
“Often the Africans are bidding on-line for second-hand large ticket items, like bulldozers and construction equipment. PayPal, credit cards, the US Postal Service and trusting people isn’t a system that can work for a large export item worth $200,000 plus freight. Using a Documentary Letter of Credit and an eCommerce service like InterNetLC.com provides a business framework for the transactions,” Dunlop concluded.
eBay recently reported having more than 212,000,000 registered users globally. Approximately 50,000,000 items available worldwide every day. The most expensive item sold on eBay so far was a Gulf Stream II Jet for $4,900,000.
The addition of Documentary Letters of Credit to the recognized payment options for on-line actions (like eBay) would increase the number of bidders and revenue generated, open up the on-line auctions to responsible big ticket global business, while reducing the amount of fraud on items worth more than $10,000. Letters of Credit work domestically as well as internationally.
InterNetLC.com improves global conditions by providing trade finance services and education, plus access to pre-shipment working capital via the Internet, to small-to medium-sized entrepreneurial companies worldwide to create trade and jobs. Their products are available in countries where land reform has yet to take place, and work well in emerging markets. Established in 2003, they have offices in La Jolla, California and Beaumont, Texas.
Case studies on exports to Ethiopia, Nigeria, and the Sudan are available.
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