Hi DF,

Most of you know..... We are Seacoast Business Funding a division of Seacoast Bank. We provide flexible working capital solutions in the forms of factoring and asset based lines of credit. We provide facilities to companies selling products and/or services to commercial customers nationally. We are very unique in the market as we are a division of a bank, but we are far from bankers. All of our credit decisions are within our division, we move much faster than banks, and can work with challenged clients. In this environment it is critical to work with financing partners that have a balance sheet and don't have to answer to credit partners.

One industry we are quite active is agriculture distributor. Many of these companies are based in the US and the owners own the actual farms in Central and South America. They grow products on their own farms or use contract growers and use the US distribution company to sell to large commercial customers in the US.

Many of these companies suffer from working capital challenges:

-Farming operations is capital intensive.
-US customers can have extended terms.
-The business can be very seasonal. Example: Peak selling season for flower distributors if February and May.
-Most don't have the ability to move funds from their US company to pay for contract growers or make investments in their own farms due to covenant restrictions in their bank facilities.
-A lot of lenders/finance companies don't understand the industry and some companies are regulated (PACA).

All the above has many of these companies struggling with working capital as traditional bank facilities are tightened due to COVID, meanwhile some of these companies are flourishing.

Our Ideal Client:
-Based anywhere in the US selling products to commercial customers.
-Products: fruits, vegetables, and flowers.
-Revenues: $2Mil to well over $300Mil
-Facility needs: $500K to well over $30Mil.

I am closing a transaction for such a company this month. They currently have a facility with a traditional bank, but the covenants are very restrictive which is stifling growth.


We gladly pay our referral partners referral fees.

Best,

Kevin