Frequently Asked Questions

We facilitate access to working capital for produce production with tenors from 4 to 6 months, as well as financing for harvesting and packaging (pick and pack) and cross-border factoring without recourse.

For working capital pre-export facilities to produce, the amount is determined based on each case and can be up to 15% of the expected value of annual exports, with a minimum amount of USD $400,000

It depends on the risk of the operation, but normally ranges from 70% to 90% of the adjusted value of the account receivable.

Blooms Trade Inc is a US entity operating under a license issued by the United States Department of Agriculture under the PACA.

In that sense, in addition to efficient collection through the virtual account that you get with Blooms, the payment of exports is protected by the PACA Law.

PACA stands for Perishable Agricultural Commodities Act, and is a federal law of the United States of America that establishes rules and standards for the trade of perishable agricultural products, such as fruits and vegetables. Among its provisions, it establishes prompt payment obligations for buyers of the produce and additional legal protection for actors who have a PACA license issued by the Department of Agriculture of that country.

Blooms Trade Inc is PACA licensed.

Yes. At Blooms we support the growth of producers and packers with a history of exporting fruits and/or vegetables for at least 2 years.

However, if you do not yet have that history, you can start using the global payments platform provided by Blooms.

Blooms supports with capital and factoring the production, packaging and export of fresh and frozen fruit and vegetable products covered by the PACA Law, contained in the following list:

https://www.ams.usda.gov/sites/default/files/media/CommoditiesCoveredbyPACA.pdf

Approval of working capital operations generally takes a maximum of 10 business days once the information is complete.

In the case of factoring operations, authorization takes a maximum of 5 business days.

48 hours maximum from signing and perfecting the agreement.

• • Have history as an exporter

  • 3 year financial statements

  • Articles of incorporation, statutes and powers of attorney

  • Authorization for credit bureau consultation

  • Provide the SAT CIEC key

  • Good credit quality of the importer in the US.

The CIEC is a simple mechanism that allows us to quickly know:

• Your financial health

• Your level of exports and your history

• Level of compliance

• Reduce application procedures

Yes. First of all, the CIEC only allows us to see the SAT information, but not modify it or make any transaction or movement.

Secondly, CIEC information is encrypted under high cybersecurity standards.

Clients of Blooms have access to a virtual account in the United States that allows you to receive payments for exports through that country's banking system, via a partnership with Monex USA.

The account gives you access to the global payment platform where you can:

• Make automatic payment of Blooms financing;

• See your collection balances in real time;

• Make payments to suppliers or your accounts in more than 30 currencies;

• Carry out foreign exchange operations at competitive exchange rates;

• Carry out hedging operations to protect your profits.

The virtual account and platform are offered in partnership with Monex USA, a financial entity registered and regulated in the United States of America.

• Blooms has a referring partnership with Monex Inc (d/b/a/ Monex USA), a District of Columbia corporation licensed and regulated as a money transmitter.

• Clients referred by Blooms, if approved by Monex USA to open a holding account, will be able to instruct transactions through Monex USA’s infrastructure, including Monex USA Online, a web-based platform, which may be co-branded with Blooms.

• Blooms does not provide currency exchange or money transmission services. All currency exchange, money transmission, and related services are provided by Monex USA.

For more information visit https://monexusa.com/about-monex-usa/the-monex-difference/licensing/