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Name: Verde Wood International
Location: Durham, North Carolina
Business profile: Wholesale exporter of kiln-dried hardwood lumber
Business model: Source the highest-quality U.S. hardwoods to distribute internationally
Since its founding in 2008, Verde Wood has been building long-term sales relationships with the top hardwood producers in the U.S. and selling hardwood to primary markets in Asia, Europe, and the Middle East. With the help of Truist, Verde Wood has grown significantly overseas by obtaining open relationships in its markets and reducing export restrictions.
When Verde Wood and Truist began their relationship in 2014, the bank recognized how its global trade group and SBA platform could help Verde Wood foster growth. The Truist team put together an unconventional credit structure through the Export Working Capital Program—a $1 million line of credit with an SBA guarantee. These loans advance up to $5 million to provide capital for a variety of export transactions, from purchase order to collections, with low guaranty fees and quick processing.1
SunTrust, now Truist, came up with a product that really works for us.” — Mark Hopper, Principal, Verde Wood International
This solution was extremely useful for Verde Wood’s overseas sales because an export line of credit can support foreign receivables, while a conventional line of credit cannot. This line of credit also helped sustain a reliable cash flow. Verde Wood could pay its suppliers within 10 days and earn a 1% discount or pay the full amount within 30 days. However, the 30 to 60 days it took to get paid by its customers created a gap in cash flow—so having additional capital available at a reasonable cost helped cover that gap.
From day one, Truist understood the financial support Verde Wood needed to hit its goals and remain successful. The credit products allow both Verde Wood and Truist to feel confident that payments are going to be received before the goods are released at the port, minimizing the risk overall.
Species offered by Verde Wood International
Pacific coast maple
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