FILE PHOTO: Various N95 respiration masks at a laboratory of 3M, which has been contracted by the U.S. government to produce extra masks in response to the country's novel coronavirus outbreak, in Maplewood, Minnesota, U.S. March 4, 2020. REUTERS/Nicholas Pfosi/File Photo
The New York-based startup is offering to finance deals smaller than $5 million in return for 5% to 10% of the total value of the order and a 5% to 25% share of the profits, according to figures confirmed by Kosinski. In another case, Cambridge Wilkinson, a small New York-based investment bank, in early May offered a distributor help securing financing in return for a 5% cut of the total value of the funding, according to a draft contract seen by Reuters.
Much has been written about fly-by-night, distributor middle men arranging deals and driving up prices of essential supplies during the pandemic, but little is known about the financiers who fund various distributors. In many cases, however, the fees these financiers are charging are in line with what banks typically charge, according to trade finance experts. Banks can charge 3% to 8% of transaction costs, depending on creditworthiness of the borrowers, they said.
Will someone please explain to me why our government hasn't taken control of this?
Read it! ☝️👹
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