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Cuyusal is a family-owned company based in Colima, Mexico, that specializes in the production and export of sea salt and Cuy flower salt, which are healthier substitutes for regular salt and have Kosher certification. The company recently obtained a $100,000 line of credit from Marco, which they used to extract the salt required to fulfill a large order from a US-based customer. The entire process was completed in less than 15 days.
We spoke with Paulina Nava, Director of Administration at Cuyusal, who shared some insights about their experience with Marco.
Cuyusal's primary objective
At present, Cuyusal is focused on the production and commercialization of sea salt but is constantly seeking to expand into foreign markets, especially the US, where they aim to export more Cuy flower salt. The company has a network of producers in addition to their personal production. Their products can be found on Amazon and Mercado Libre, as well as in some supermarkets, generating business in the US and other Latin American countries. However, they are looking to partner with larger and more well-known clients to further grow their business.
The current financing problem
Recently, Cuyusal had to change their legal status, which affected their negotiations with other financial institutions that were unwilling to extend them credit due to their limited billing history.
"Not having an extensive billing history prevented us from accessing financing at a critical moment when we had just finalized negotiations with a US-based company that required much more flexible payment terms," explained the Director of Administration, Paulina Nava. "This was a significant economic setback since we had extended credit for three months but required the capital immediately to continue operations and meet production and shipping deadlines."
Why they turned to factoring with Marco
Paulina wasn't actively seeking new financing options as their past experience with obtaining credit as a small family business had been challenging. Thus, trust was a critical factor in their decision to work with Marco.
"We didn't know what factoring was, so it was a surprise to learn that a company like ours could access a financing tool like this. It was important for us to fully understand the procedure and how it worked," added Nava. "Marco impressed us with their customer service and close support. The team explained the process step by step, made it easy for us to create an account on their portal, upload our documents, and ensured that we received the funds we needed as soon as possible."
The process of opening the line with Marco
"The process was better than we expected. The line was activated in less than ten days, and we received the funds as soon as we requested them," said the Director of Administration at Cuyusal. "We thought it would be a cumbersome and bureaucratic process, and our limited billing history would be a barrier, but we were pleasantly surprised."
As a Mexican company, Cuyusal was able to access Marco's Express Factoring process, which uses the company's affiliation with SAT to extract the necessary information for granting financing, without requiring too many documents from the business owner. This makes the process less bureaucratic, faster, and automated through the use of Marco's portal. In just 10 days, the company had access to the funds needed to operate at the required moment.
The value added to the company
In addition to having the necessary capital to operate and grow their business, Paulina Nava appreciated the education and understanding of the financing tool they would be using and how it worked with Marco.
"I found the company to be very fair, proportional to the number of days customers take to pay, and the rates don't change because of this," commented Nava. "We want to highlight the confidence and peace of mind that Marco provides, the willingness of their team of professionals who explained the process step by step, and what to expect from using their services. All of these things are important for us as a small company, since we needed to understand all aspects related to factoring. We are grateful for the agility in receiving funds, the support provided, and the 100% personalized attention."