Product Line: International Supply Chain AR Line
Funding Line Amount: $800,000
Company Type: Seafood Producer, Exporter, Importer and Distributor
Industry Type: Seafood Distribution
Annual Revenue: $27 million
The seafood industry is strong and growing. Fish products are some of the most traded food items in the world with almost all countries involved in some type of fish trade. Seafood consumption and trade have grown significantly over the past 40 years. China is the largest exporter of seafood, followed by Norway and Vietnam. Total global fish production is expected to continue growing, as it is projected to reach 201 million tons by 2030. Our client, a seafood producer, exporter, importer and distributor based in the US, is a young company that offers a variety of high-quality products from all over the world.
The company wants to increase sourcing of certain products from Asia due to growing demand and higher margins. However, its suppliers require partial downpayment for the order to start production and dispatch containers, with the balance due before the cargo arrives at a US port. Our client needed a financial solution that would allow it to execute its strategy to increase revenue and profits.
The company has been an ExpoCredit client for a few years. It has exhibited solid payment history and has very strong relationships with all of its suppliers, with a proven track record in the industry. It has a broad product portfolio of a wide variety of seafood and a diverse roster of well-known clients, some of whom are market leaders. Its risk rating is low, it has an agile operating and cash cycle and has no judgment or tax liens. The industry expects continued consumer and trade
demand for seafood products in the future. Because of the strength of the industry and the company’s successful performance history, ExpoCredit was able to quickly approve an international supply chain AR line and fulfill the client’s request for capital.
This financing will enable the company to take advantage of business opportunities and continue its growth trajectory with increased profitability.
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