For over 25 years, Multi Fruit USA, a small business headquartered in Haddon Heights, New Jersey, with field offices in the states of California and Washington, has been exporting US-grown apples, pears, citrus, sweet potatoes, russet potatoes, organics and other fruit and vegetables to customers in Asia, Central and South America, Europe, India and the Middle East. In addition to providing fruit and vegetables, Multi Fruit is an experienced logistics coordinator, organizing land, sea and air freight to ensure that the produce reaches its destination in time while maintaining the highest quality.
Multi Fruit was having foreign receivables collection problems with several international clients. The company also wanted to expand into new markets, but was concerned about the risk of nonpayment by new international customers.
Export Credit Insurance from EXIM Bank protects Multi Fruit’s foreign receivables from nonpayment by international buyers. In addition to covering the company’s assets, the insurance policy allows the company to offer “open account” credit terms to new buyers, while mitigating the risk of nonpayment.
Multi Fruit USA expanded into new markets with confidence as its foreign receivables were protected. Its sales growth using the insurance has a multiplier effect for the hundreds of growers, packers, freight handlers and other partners in their supply chain across the country. EXIM has supported $600,000 of Multi Fruit’s international sales from 2015 to 2018.