ProducePay Working Capital Helps Agricola 76 Invest in Production Capacity to Meet Increased Demand
“All of our crops are in high demand and we wanted to increase our growing capacity, but we didn’t have cash on-hand to invest directly in our growth.”
– Roberto Ruíz Sánchez, General Manager of Agrícola 76
Agricultural production company
Grow production capacity to meet increasing demand
Agrícola 76 is an organic produce grower based in Sonora, Mexico. They cultivate Persian cucumber, grapes, cherry and Roma tomatoes sold primarily to the United States and Canada.
The Challenge: Secure working capital to expand operations to meet growing consumer demand.
“Increasing growing capacity by planting additional crops requires a lot of upfront capital from a partner who understands our business and crops.”
Agrícola 76 is an agricultural production company that cultivates and exports high-quality, organic produce.
They wanted to expand their operations to meet growing customer demand, but Agricola 76 didn’t have the working capital to develop additional growing capacity at the beginning of the season when they most needed it.
They tried to work with traditional banks to secure financing, but the application process was slow and complicated.
The bankers they spoke with were not helpful, and they demanded so much paperwork that the entire process became costly in terms of time and money.
Agrícola 76 realized that they didn’t just need capital but also the right partner who understood the needs of their business.
“We found it incredibly difficult to get financing from banks, but ProducePay’s service was easy and fast because they already understood what we needed.”
The Solution: Pre-Season Financing with No Land Collateral Requirement
By working with ProducePay, Agrícola 76 finally had a partner who could provide the working capital they needed and the financing options designed specifically for growers like them.
Unlike the banks, ProducePay was easy to communicate with, supportive and needed far less paperwork for their application.
And because they were willing to accept product as a guarantee for financing, Agrícola 76 didn’t have to offer their land as collateral.
With access to working capital, they could finally expand their production at the start of the season, invest in operations and increase their marketing efforts to reach more customers.
With ProducePay, they found not just a lender but an ally invested in their success.
“Not having to use our land for collateral and being able to submit our documents digitally made the process much easier for us. We look forward to a long partnership with ProducePay.”
– Roberto Ruíz Sánchez, General Manager de Agrícola 76