A/R Financing – Seafood

Factoting Seafood

Deal Summary

Product: Factoring Line
Funding Line Amount: $ 1,500,000
Company Type: Fishing
Industry Type: Fish and Seafood
Location: Argentina

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.

Challenge

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.

Solution

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.

 

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