Product: Factoring Line
Funding Line Amount: $ 1,500,000
Company Type: Fishing
Industry Type: Fish and Seafood
This company has been in business for over 30 years and has 16 ships in its fleet. It mainly catches and processes shrimp, squid and Patagonian toothfish. Its principal markets are the European Union, Japan, China, Russia, and the United States.
Fishing is a very seasonal business because certain species can only be caught during certain times of the year and because there are maximum quotas for certain species. The company needs additional working capital to continue to grow its business and to offset the effects of COVID19, which caused its customers to request longer payment terms.
Based on the company’s long-standing track record in the industry and the good payment behavior of its customers, ExpoCredit was able to approve a Factoring line of credit for the company that will help it continue to grow during these uncertain times.
ExpoCredit is helping this startup company to keep growing its blue-chip customer base while facing up to 120 days in payment terms.
ExpoCredit helped this company increase payment terms to its primary customer.
ExpoCredit helped this company to have the working capital needed to operate according to its demand