Product: Factoring Line
Funding Line Amount: $200,000
Company Type: Seafood Distributors
Industry Type: Seafood
This Wyoming based company began operations in 2019 when its parent company spun off its Venezuela and Mexico crab meat import business. They sell to seafood distributors and restaurants in the USA.
This company is growing rapidly and has started to sell more to local seafood distributors than restaurants during the COVID-19 crisis. The company needed immediate cash flow to accommodate the longer payment cycles of seafood distributors (30-45 day terms).
The company is profitable and has been growing rapidly. Based on its financial performance and the quality of its customers, ExpoCredit felt confident approving a factoring line of credit. This line of credit will help them expand their business by allowing them to offer longer payment terms to local seafood distributors.
ExpoCredit helped this company increase payment terms to its primary customer.
ExpoCredit is helping this company with the working capital needed to manage seasonality
ExpoCredit helped this company to have the working capital needed to operate according to its demand