The global plastics industry is cheering. Thanks to a strategic alliance with Plasticscommerce.com, a Singapore-based Internet exchange portal promoting trade among plastics companies, and First International Bank, online financing will be made available to all to buyers and sellers of products and services in the entire plastics industry supply chain in real-time.

The strategic alliance will facilitate the settlement of transactions between clients of Plasticscommerce.com, as well as meet many other credit needs of plastics-related businesses. The Bank says it will fund loan amounts up to $5 million per transaction under the agreement, which is significantly greater credit availability than the U.S. $100,000 maximum "credit card" levels that typify the online business loan market today.

First International Bank states that it will integrate the e-CreditMenu with Plasticscommerce.com transactions using ThruCredit, the Bank's technological solution for automating e-business financing. This solution and its determination to drive the Internet economy further has earned a profile on CBS.MARKETWATCH.COM as an institution leading "the future of industrial e-business marketplaces."

Quek Mei Hsien, CEO of Plasticscommerce.com, said, "Our value proposition is to increase efficiencies throughout the plastics supply chain and provide clients with e-commerce solutions which maximize their global marketshare. First International Bank's unique ability to finance small and medium size plastics companies in many countries, and for many purposes, is a valuable addition to the dynamic content and services we offer the plastics industry. Working with First International, the U.S. Export-Import Bank's top transaction lender for three straight years, is an important step in our company's expansion."

E-credit has come a long way—from messy telephone calls to now: reverse auctions and huge lending premiums.

First International Bank CEO and chairman, Brett N. Silvers, explains in an interview that since his bank finances small and medium size industries in dozen of countries, "taking the show to the Internet" was the next natural step.

"First International is definitely driving the bar higher." Silvers explains. "Our approach to online financing is transforming. The only online credit available besides ours is like a typical credit-card transaction that uses the personal credit of company owners to credit-score loans. First International’s financing is true commercial lending, based on a corporation’s financial information."

Over the past two months, First International has forged contractual alliances with six global industries to establish business-to-business electronic marketplaces

e-STEEL.com (steel), MachineTools.com (industrial equipment), Textrade.com (textiles), RailNet-USA.com (railroads), Enermetrix.com (electricity and natural gas), and ChemIndustry.com (chemicals) before connecting with Plasitcscommerce.com.

"We are thrilled to have an Asian-based partner – plasticscommerce.com. It’s our first non U.S.-based B2B partner. Their roots in the dynamic Asian marketplace, especially China and India, should give them an edge in emerging as the global leader in plastics trade," says Silvers.

He understands that linking a fragmented market can only aid the industry. "The plastics industry, much like textiles, is made up of many small companies. B2B is an ideal way for them to plug into the global marketplace. The Internet offers these companies an opportunity to go global in a way they never have before."