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Q: Sources of Financing for Importing Fresh Produce to USA ( No Answer,   0 Comments )
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Subject: Sources of Financing for Importing Fresh Produce to USA
Category: Business and Money > Finance
Asked by: lookinforclues-ga
List Price: $50.00
Posted: 21 Jun 2004 19:48 PDT
Expires: 21 Jul 2004 19:48 PDT
Question ID: 364315
Thank you for taking a look at my question, which I have tried to
frame for ease of research. Your research will be facilitated if you
have some basic (and I do mean *basic* - no rocket science here)
understanding of accounting, finance, or banking. I hope you will find
the question stimulating and take on the challenge of answering it :-)

=> I am looking for a list of financial institutions within the USA
(their URLs and email or phone contact information) that 1) lend
(specifically, lines of credit for operating capital) to businesses
that import fresh produce from South America to the USA and that 2)
are familiar with these types of businesses and their industry norms.
The ideal answer would also include as many known Fresh Produce
Importer customers as possible for each of the Financing institutions
(which is a good cross-check on whether we've arrived at a useful
answer).<=

Background/Context: Much fresh produce (fresh fruits & vegetables)
sold and consumed in the USA is imported. A fresh-produce import
business experiences unusual inventory ownership and accounts
receivables timelines that are often unfamiliar to a typical financing
source such as a bank (who may lend, for example, 50% on inventory or
80% on accounts receivable to other types of businesses). Agricultural
lenders in the USA tend to lend to customers who are in the USA
because a) the US govt promotes and financially supports such lending,
and b) all the assets that secure the lender's financing (either the
inventory - the produce itself, or the account receivable - the
grower's customer's obligated payment) are within the USA.

"Farm Credit" banks, including CoBank and other lenders to growers and
"grower/shippers" in the US, do not seem to finance fresh produce
imports because they receive some kind of US government support and
they are uncomfortable with inventories that are not always within the
USA and receivables that are not created until after the produce
arrives at US ports.

=> Therefore, "Farm Credit" and similar institutions appear to not be
relevant to this query. <=

=> Note that if the customers of the financial institutions which are
the target of this query are in additional businesses other than Fresh
Produce importing, it will be important to attempt to qualify whether
the other businesses have lots of assets (in which case, the lender
can secure financing to *those* assets rather than the inventories and
recievables associated exclusively with the Fresh Produce import
business.) In other words, I am looking for companies that finance the
fresh produce itself (and/or the receivables generated by such). <=

One efficient way to go about identifying these financing companies
may be to identify the financing sources of known fresh produce
importers. Some companies who import fresh produce to the USA include:
* Driscoll Strawberry Associates at driscollsberries dot com (this is
the corporate site. they also have a consumer oriented site.)
* Ben-Bud Growers at ben-bud dot com
* Index Fresh at indexfresh dot com
* Prime Time Produce at primetimeproduce dot com

I have spent some time searching on this but believe I have not been
able to narrow the search terms adequately. I also tried a couple of
link:URL strategies to see if I could find financial institutions who
listed a couple of known importers (Driscol being one of these) as
customers. This strategy may turn up some leads; I did not spend lots
of time with it.

I am somewhat familiar with the fresh produce industry, and I respect
that contextual elements can greatly accelerate a search. So, do not
hesitate to contact me if I can provide more information that may help
you pursue the information you are seeking on my behalf.

Given the size of the Imported Fresh Produce industry in the USA, I am
confident that the subject companies of this query do exist. Thanks
for reading through this question, and happy searching!
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