Erick Mendoza Ramirez, Director of Bonita Fresh, has almost 20 years of experience in produce trading. He has dedicated himself to diversifying across new markets and driving more sales. However, he has dealt with a constant challenge: capital.
Bonita Fresh needed to secure a bank loan to support improvements in operations, such as entering new markets and improving its product offerings.
Ramirez had been looking for bank loan options for two years: “When you go to a bank, the bank asks you for guarantees, forms, and endorsements – these processes are very slow and limit the operation.”
Moreover, the company had been dealing with the same problem that many other produce sellers face: delayed payments. Depending on the commercial chain, they typically receive their payments 30 to 90 days after shipping out the items.
Compounding the lack of access to capital, payment delays had been badly affecting the company’s cash flow.