1st trade credit fund of over $ 35 million in USDA contracts for poultry and dairy products
The food program was designed to help American farmers and families who had been affected by the Covid-19 pandemic. The food items contained healthy and nutritious meals in boxes that were provided to millions of families across the country, consisting of fresh produce, dairy and meat products.
The financing challenge
1st Trade credit allows customers to easily pay food suppliers within the limits of this type of transaction finance, while providing primary buyers with 14-30 day credit terms. 1st Trade credit provides supply chain financing by supporting both accounts payable financing for customers to pay food suppliers on time and factoring receivables for product delivered. Some clients only need quick invoice factoring to continue paying suppliers, while others require both accounts payable and accounts payable. financial services receivable.
Rising prices for meat and poultry are causing cash shortages in the supply chain.
While the prices of many food items slowly rise, meats are moving significantly higher than normal due to supply chain disruptions throughout the year. Covid-19 has caused the closure of businesses in many countries around the world, causing a shortage of logistics to transport products, the closure of meat factories, an unusual ice storm that struck Texas, and just recently a hacker shut down the world’s largest meat importer and packing plant for over a week.
1st Commercial Credit continues to receive inquiries from importers of poultry and beef who require more liquidity due to strong demand and higher than usual price increases. Contact us if you want to know more about our factoring services.
SOURCE 1st Commercial Credit, LLC