Expocredit has agreed to support the company with a factoring facility of $4,500.000. This financing is intended to offset the challenges and support continued growth.
Funding Line Amount
Salmon and trout distribution
This Californian company has been a part of the fishing industry since 2016. They specialize in the distribution of salmon and trout, recognized for their worldwide quality. Although their participation in this U.S. market is relatively new, the founding partners have more than 50 years of experience in this field.
The salmon line stands out for its quality and its origin, as it comes from Norway and Iceland. The Nordic countries have been farming this species in the sea since the 1970s, which has become the ideal place for the company to develop salmon aquaculture that combines tradition, innovation, sustainability, and freedom from antibiotics.
This company generated revenues of $27.8 million in the first quarter of the year. With this projection, the company will be able to increase its revenues to $83 million, which translates into a 64% growth. Its operations are concentrated in the United States, but along with domestic growth, it is looking to expand its coverage to Canada.
Complications arise from the purchasing processes. Typically, the company’s transactions with its clients are through purchase orders. However, two of its clients operate under contracts with different terms because they are among the largest retail-type companies in the United States.
The two debtors of this new client have an excellent payment history, which confirms their commitment. The first debtor has an early payment plan with the client to improve its cash flow, while the second debtor has only had one order with a late payment of $1,039, likely an isolated incident.
ExpoCredit has agreed to support the company with a factoring facility of $4,500.000. This financing is intended to offset the challenges of 2021 and support continued growth. In addition, considering the revenues generated, the factoring service can be paid for without putting the company’s gross profit at risk.
ExpoCredit is fully prepared to support these kinds of companies, not only for their financial success but also for their initiative and effort in developing more innovative and sustainable consumption practices.
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