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04-18-2019, 04:01 PM #1
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,499
Produce
Hey DF,
Financing a produce company can be very tricky because of PACA. A lot of lenders, factors, and finance companies avoid the industry because they have bad experiences. Most of the bad experiences were caused because they truly did not understand the industry and did not have a grasp on PACA.
We have experience financing produce companies and understand PACA. Our ideal client:
-Based anywhere in the US. There are a lot of these companies in Florida, Texas, and California.
-Company either grows their own product, contracts grower to grow product for them with PACA rights waived, or buys from grower in cash.
-Sells products to large food distributors, big box stores, or government institutions.
-Revenue from $3Mil to well over $300Mil.
-Facility need from $500k to well over $30Mil.
Yes-We gladly pay referral fees to our referral partners.
Yes-We are a factor/ABL lender that is a division of a bank.
Yes-We move fast. All our credit decisions are made within our division.
Yes-We can work with challenged companies or companies in transition.
Best,
KevinKevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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05-06-2019, 03:40 PM #2
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,499
Not knowing how to finance companies in this industry can get you in a pinch.....
As part of its efforts to ensure fair trading practices within the U.S. produce industry, the Department of Agriculture has imposed sanctions on three produce businesses for failing to meet their contractual obligations to the sellers of produce they purchased and failing to pay reparation awards issued under the Perishable Agricultural Commodities Act. These sanctions include suspending the businesses’ PACA licenses and barring the principal operators of the businesses from engaging in PACA-licensed business or other activities without approval from USDA. By issuing these penalties, USDA continues to enforce the prompt and full payment for produce while protecting the rights of sellers and buyers in the marketplace.
The following businesses and individuals are currently restricted from operating in the produce industry:
•SAR Quality Avocados Corp., operating out of McAllen, TX, for failing to pay a $102,783 award in favor of a New Jersey seller. As of the issuance date of the reparation order, Javier Sanchez Aguilar and Maria De Jesus Romero Sanchez were listed as the officers, directors and/or major stockholders of the business. Another principal of the business at the time of the order was Luis F. Mejia. He has challenged his responsibly connected status.
•Martinez Fresh Produce LLC, operating out of Dallas, for failing to pay a $17,767 award in favor of a Texas seller. As of the issuance date of the reparation order, Arturo Martinez Isguerra was listed as a member of the business.
•Fresh Is Best Inc., operating out of Long Beach, CA, for failing to pay a $17,638 award in favor of a California seller. As of the issuance date of the reparation order, Ever Melchor, Antonio Melchor and Reina Melchor were listed as the officers, directors and/or major stockholders of the business.
In the past three years, USDA resolved approximately 3,350 PACA claims involving more than $63 million. PACA staff also assisted more than 8,000 callers with issues valued at approximately $156 million.Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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05-06-2019, 03:56 PM #3
That is good to know that you do these Kevin, I have had a few of them over the last year that have been sent to me and I always have to turn the client or broker away because of PACA and my company not feeling comfortable.
Jeannette Nearing | Business Development Officer| AmeriFactors
| M (770) 362-2307
jnearing@amerifactors.com |
http://www.amerifactors.com
https://www.linkedin.com/in/jeannettenearing
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05-06-2019, 04:10 PM #4
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,499
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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