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10-06-2020, 02:43 PM #1
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,481
PSA-Produce/PACA
Hi DF,
Every now and again people post seeking financing for produce companies. I always suggest selecting lender/funder/factor that understands the industry due to PACA. If the company fails to pay suppliers it can be very problematic. I am seeking more and more PACA violations on a weekly basis. The latest was a $19Mil violation where the company failed to pay 145 suppliers. If anyone advanced money on this or factored the AR, they would most definitely got caught up in a VERY ugly situation.
Under this violation, PACA steps in and collects the 19Mil from customers to pay the suppliers. It bifurcates the company and their lender/factor.
Again..... If you are financing anything produce related..... Do your homework! Chose partners that understand the industry and PACA.
KHKevin 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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