As food businesses focus on continued operations and growth, one thing remains certain — cash is king. Regardless of the product or service provided, your food business relies heavily on cash to meet a higher scale of demand and operations.
Food businesses that purchase products from suppliers on credit rely on making sales to their customers in order to pay off outstanding payables. When retail or wholesale food customers don’t pay as quickly as needed, cash becomes a problem.
Businesses who operate in services such as frozen foods, fresh produce, food processing, and beverages incur huge overhead and labour costs as well as extensive production expenses. These food businesses require cash and funding to expand and grow.
Many food businesses don’t get the funding they need from traditional banks, and even when they do, the process is usually time-consuming. If your business needs to navigate through business growth and expansion, you can explore alternative financing options, such as asset-based loans.
How asset-based loans help your food business
Asset-based loans solve a major concern for food businesses looking for funding. For example, a wholesale food business that needs cash to finance inventory or purchase another production facility can obtain funding using inventory financing or asset-based loans. Additionally, you can use assets such as accounts receivable, inventory, capital assets etc. to get cash for your business.
Meridian’s partnership with Accord Financial
Meridian has partnered with Accord Financial, one of North America's most dynamic finance companies, to bring our business Members more financing options.
In situations where traditional forms of financing are difficult to obtain, Accord Financial can help simplify access to capital.
Learn more about Accord financing solutions.
Financing options from Accord Financial
Here are a few of the ways Accord Financial steps can help your food business grow through asset-based lending.
Your business doesn’t have to turn down new opportunities or struggle taking up new purchase orders, especially during a period of growth.
Partner with Accord Financial and get access to supply chain financing and inventory financing solutions, receive funding to pay off your suppliers, acquire purchases, and keep running your food business.
Accounts receivable financing
Avoid a cash crunch situation caused by delayed invoice payments or aged accounts receivables. Use factoring or accounts receivable balances as collateral for a loan.
Asset-based lending solutions
Accord considers your existing assets and strategizes on ways to help your business free up cash. Your inventory and capital assets can be used to get the funding your business needs to grow and thrive.
If you have questions about Accord asset-based loans, or other types of business financing, talk to a Meridian Small Business Advisor or Commercial Banking Relationship Manager.