United States Bulk Agricultural Export Financing Program
When international customers shop around for goods, they are not just considering the quality of your product. In developing and emerging markets especially, customers are looking for the best terms offered. In many cases, this is synonymous with the open account payments term extended.
Through this program, Drake Finance pays up to 100% of the purchase order to the United States exporter with no Letter of Credit, collateral or avals required of the foreign buyer. While the United States exporter is able to obtain cash and liquidity upon shipment, the international customer is extended credit terms of up to 180 days.
Our financing allows United States exporters of agricultural products to offer international customers more favorable financing rates and terms than they would be able to obtain in their own countries. Learn more about how Drake Finance and the Export-Import Bank of the United States (Exim Bank) work together by clicking here.
How United States Bulk Agricultural Export Financing Works
1. The United States exporter presents Drake Finance with a copy of the following:
- Invoice issued to international customer from U.S. exporter
- Purchase Order from international customer to U.S. exporter
- Bill of Lading, evidencing export shipment from transport company
- United States Exporter’s Certificate from U.S. exporter
Upon approval, Drake Finance will advance up to 100% of the foreign buyer’s purchase order to the United States exporter within 48 hours.
2. The international customer pays Drake Finance back over time for its purchase. It’s that simple!
Recap: The United States exporter is able to sell its agricultural product to its international customer as if it were receiving cash on delivery (COD). Meanwhile, its international customer is extended generous credit terms.
Getting Started is Easy!
Take a moment to fill out our online application and we’ll get back to you within 1 business day. Foreign buyers are required to submit the last 3 years of audited financial statements to firstname.lastname@example.org for immediate consideration. If our credit criteria are met, Drake Finance will issue a Letter of Intent within 24 hours. Approval for this program averages 30 days.
Contact us for more information or call (305) 854-0101 to speak with our Managing Principal and Board-Certified International Lawyer, Richard H. Lopez, Esq. directly.