Sustainable Seafood

$5 Million Accounts Receivable & Inventory Financing

The Client

A venture backed broker of fresh, sustainable seafood, promoting artisans of sustainably caught and cultivated fish from small, wild and aquaculture-based operations around the world . The company aids tiny, eco-minded fishermen and fish farmers by helping them sell their seafood to prestigious restaurants and retailers and distributors nationwide. The Company is unique in that it audits the operations of its suppliers and provides a transparent and traceable manner for consumers to easily learn where and how seafood was caught or raised and whether chemicals, antibiotics, or hormones were used, thereby increasing the understanding in consumer choice for the type of seafood consumed.

The Situation

Due to a series of unusual environmental setbacks, the client had suffered a financial setback and incurred a large amount of debt. Although projections were to recover and become profitable within one year, they had tripped loan covenants and were asked to exit their existing bank. Because they operate in a delicate, yet expanding market niche, they had been unable to find an alternative lender who could understand and appreciate their circumstances.

The Solution

Business Capital successfully exited the company from the Special Assets Division of a local regional bank and refinanced an accounts receivable based revolving line of credit and term loans. Business Capital also negotiated away all covenant deficiencies and penalties with the company’s previous bank. Business Capital was able to identify a lending partner who understood the client’s specific needs and capabilities as well as how they fit into the growing system of global of eco standards and successfully structure an optimal financing solution that will enable the client to achieve future growth plans.

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