Summar Provides $500K Supply Chain Finance Facility to a Seafood Importer.
Success Factoring Case
A Southeast seafood company needed support to pay its suppliers in China, Indonesia and Latin America. This seafood importer had a bank credit facility already in place and an impressive growth. However, they were facing a seasonal cash crunch. This could not be fulfilled by their current lender due to the high balance of his current line of credit.
They had a peak sales season with clients who demand payment terms and suppliers overseas. These suppliers demand payments upon shipment. So, this seafood importer needed a way to leverage from his growth trend and complement his existing bank line.
Summar Financial provided a $500K non-invasive, unsecured Supply Chain Finance line. As a result, we allowed this seafood importer to pay for his product purchases with his suppliers overseas at sight. Consequently, they are able to enjoy payment terms between 30 and 90 days. Most imporntaly, we allowed improvement of liquidity for both client and supplier. They also expanded the range of supplier relationships, without affecting the seafood importer’s existing bank line.
Summar Financial is focus on the seafood industry and provides Supply Chain Finance and non-recourse invoice factoring. Our target are importers and wholesalers of seafood products ranging from start-up to $ 100 million in annual revenue. Our experience and dedication in the industry has allowed us to present innovative product offers that support the growth of many companies in this sector.