Texora, a fast-growing Latvian company, receives factoring financing from SEB banka

Texora, a Latvian company that manufactures industrial textiles, has received a factoring loan totalling EUR 200 thousand from SEB banka. The company operates production facilities not only in Jelgava but also in the United Kingdom and Spain. It is currently significantly expanding its activities by hiring new employees and purchasing equipment.

Texora was founded ten years ago and manufactures textile products for lifting, securing, and protecting loads (ropes, slings, belts, etc.). This agreement will enable the company to improve its cash flow at a time when the company is expanding its business activities significantly.

“We have taken on new employees and bought equipment worth EUR 300,000. We deliver our products practically all over the world and have seen a significant increase in demand over the last two years. Factoring is a suitable financial instrument to strengthen a company’s cash flow at a time when it is growing rapidly and planning further growth,” says Edvīns Mineiķis, a Board member of Texora.

“Factoring improves the cash flow of a growing business as it receives payments as soon as invoices are submitted. In the case of exports, this instrument also avoids the risk of exchange rate fluctuations. Texora is a great example of a Latvian company that has found a niche with great growth potential - as evidenced by the company’s growth in recent years and its plans for future development. We hope that with SEB Bank’s support, this Jelgava-based company will be able to grow even more ambitiously and sustainably,” says Ģirts Priede, Head of SME Financing at SEB banka. 

This is the first time that Texora uses factoring. The company was founded in 2014 and currently employs about 30 employees. The company was founded by leading specialists with many years of experience in the field of industrial textiles.