Our client, a seafood importer, is a new company that distributes canned tuna in the US under its own brand, as well as under private label to various customers. The US is one of the largest consumers of canned tuna, which is the second most popular seafood item in the US behind shrimp. Canned tuna is exceeded only by coffee and sugar in sales per foot of shelf space in grocery stores.
Because the company is new, there is not much data available about its business, owners or clients and it doesn’t have an extensive payment history. However, there is strong consumer demand for its product in the US and the company already has two clients with several others in negotiations. The company also has a good operations system in place to import product to the US.
The company has strong potential and direct access to product from its supplier, which has has over 60 years of experience in the seafood market exporting to many countries around the world. It has no judgment or federal liens and has a low risk rating. Despite being a new company, it has already turned a profit and expects to acquire more clients within the next few months. Based on the potential of the company, the size of the industry and demand within the market, ExpoCredit felt confident about approving the company’s request for the Factoring Line.
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