Oud manufacturing
“Lendo has tremendously helped our growth. Today we are better than ever and call 2020 a historical year for our company which Lendo contributed mainly to it.”
– CEO of iOud
Lendo helps a leading Oud manufacturing company in supplying products to retailers by providing the needed cash flow.
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iOud is a manufacturing company established in 2015, and it is also a part of a family business that has existed
since 1930. iOud is a company that has an innovation-focused mentality. Their team believes that everything
they do, create, or manufacture must be innovative and creative enough; otherwise, they would not go
further. The company has been growing rapidly for the past 4 years, entering the industry and expanding
through over 500 Points-of-Sale terminals across KSA and 6 other countries in the Middle East.
The effect of Covid-19:
The pandemic has changed the world a lot since its onset and till now. It has sent shockwaves through the global economy, closed countries’ borders, halted international travel, hindered trade, sent people to their homes, and shocked the financial markets to its core.
Within markets, SMEs suffered the most. Many SMEs’ supply chains were cut off, operations were hindered, demand for goods and services crumpled, and cash flow became scarce.
During these times, Lendo has helped SMEs with cash-flow issues for continuing operations.
One of our clients, Bader Aldulaimi, CEO of iOud, who has used Lendo’s service during the pandemic shares his experience:
1- Tell us about the beginning of the crisis, which affected the course of your business?
The crisis that we faced in 2020 was beyond all of our expectations. We did not only face operational challenges, but also the market became more difficult with worse collection performance, delay in payments, lack of communication, and major challenges in supply chains. My company had two options to deal with this difficult year; either cut cost, control growth, and try to re-engineer our supply chain and working capital; or try to find a way to bridge this difficult time by depending on the company’s own supply resources.
2- What made you interested in approaching Lendo?
Lendo stood out to us because it has a very well-structured and efficient team. In addition, the clarity of the process encouraged us to choose them. Financing our invoices will only be useful and beneficial to our working capital if it is steady, quick, and trustable. Any hesitation experienced in such a solution would destroy its value, and for that, we did not accept continuing with other similar solutions in the market. Lendo indeed proved that they are the right people and the right service, and for me, Lendo, is on their way to becoming part of my ecosystem. We have had plenty of experiences with other companies that offered similar solutions, but we failed in securing financing because the process was time-consuming and lacked the required follow-up. I believe that this good start lets us focus on Lendo.
3- What was the experience like dealing with Lendo?
Being the CEO of the company, the last thing I want to do is to follow up. I was so impressed with how Lendo engaged with our team. The project was delivered with minimum involvement from myself, and that indeed is a mark for them.
4- How has gaining invoice financing via Lendo assisted your business in its goals?
Like any other business, working capital is the main concern of the shareholder. Financing our invoices to accelerate the performance of our working capital will definitely make shareholders more satisfied.
5- Have you talked about Lendo with others?
Yes, we have discussed Lendo with our friends, who are entrepreneurs and own mid-sized companies, and we have recommended Lendo to them and told them that Lendo was different from other institutions we have tried, so go ahead and talk to Lendo as soon as possible.
Business facts:
Year established: 2015
Industry: Manufacturing
Location: Riyadh, SA
Employees: More than 50
Website: iOud
Lendo customer since 2020
Oud manufacturing