Based on its scope, the company expects to close with sales of more than $50 million USD by the end of 2021, representing a significant growth of almost 50% compared to 2020
Funding Line Amount
This Ecuadorian business group has positioned itself as one of the most important banana exporters in the Americas. Through its subsidiaries specializing in each of the production stages, it has more than 50 years of experience handling this tropical fruit.
The company began operations in 1970 as a world-class banana export group, a process that has resulted in the certification of 60% of its plantations to international agricultural standards, Global GAP, while it continues to seek this endorsement for the rest of its crops.
The company is primarily export-oriented, since 98% of its revenues are generated by its business in North America, South America, Europe, Africa, and Asia, reaching nearly 70 countries around the world. Its line of business is not only limited to the commercialization of bananas, as its interventions cover the logistics chain, plantations, production of plastic materials and the analysis of oils and plants related to this fruit.
Despite its profitability, the company faces obstacles stemming from industry taxes; it has historically struggled with tight profit margins due to the tax policies implemented in Ecuador.
ExpoCredit does not consider this new alliance as aid, but rather as a boost to its growth and progress. Through this credit, the company seeks to expand their market and continue growing within a complex situation. Additionally, it comes at an ideal time as this fruit enters one of its major production seasons, from January to May, and October to December.
The company has demonstrated its strong performance, allowing ExpoCredit to approve a factoring line of $500,000 USD, with the intention of continuing to support industries with good agricultural practices and world-class quality. It is expected that this boost will help the company negotiate a new contract that seeks to double its sales and strengthen a commercial relationship by extending payment terms with one of its best clients.
Based on its scope, the company expects to close with sales of more than $50 million USD by the end of 2021, representing a significant growth of almost 50% compared to 2020.
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