Coral Finances Food Importer Distributor
Coral Capital Solutions provided a $4.8 million purchase order and factoring facility to an importer and distributor of dried food products. The facility will allow the California-based company to grow its sales in the United States.
The principal of this business was an executive at a very large food company and subsequently acted as a food broker. Recently he decided to leverage his know-how of the supply chain and launch his own brand through major wholesale clubs and chain stores. The company imports dried fruits from Mexico and India, including dried mango, mandarin and coconut; some of these products have a short harvest season, which requires the company to pay the annual cost of the goods in a very short period of time. After a couple of years of growing the business, management realized that growth could only be realized by partnering with a finance company to accelerate payment to suppliers.
Prior to accepting large orders, company needed to prove its capability to deliver on large orders.
“Coral Capital was able to quickly establish a purchase order and invoice finance structure for the Company in order to facilitate imports of large quantities of products to a third party warehouse in Texas prior to shipment to customers,” said Jim Bertie, COO of Coral Capital Solutions. “Our financing platform provided the foundation to solidify these new customer relationships and expedite purchase orders. Coral Capital will provide ongoing working capital financing so management can focus on fulfilling orders and growing the business.”