What is Food Finance?
Our team has the ability to work across the spectrum in the food industry and are dedicated to structuring a food financing package that is tailored to your individual requirements. We work to provide a number of options depending on the asset, such as finance and operating leases, hire purchase, as well as funding for asset backed mergers and acquisitions, including relocation and factory refurbishment. Our strength within the industry allows us to assist you to progress with your business.
Please note, we cannot finance perishable food stock.
When a business wants to trade internationally, the exporter would typically want to be paid up front by the importer. The bank would issue a Letter of Credit, which guarantees this payment to the exporter upon receipt of documentary proof that the goods have been shipped. This is then repaid once the importer has paid for the goods, which could be anything between 1-6 months later.
What is the SIC Code for Food Finance?
The SIC Code is 10 (Manufacture of Food Products)
Other SIC Codes that could also be used are:
- 10320 Manufacture of fruit and vegetable juice
- 10390 Other processing and preserving of fruit and vegetables
- 10410 Manufacture of oils and fats
- 10420 Manufacture of margarine and similar edible fats
- 10511 Liquid milk and cream production
- 10512 Butter and cheese production
- 10519 Manufacture of other milk products
- 10520 Manufacture of ice cream
- 10612 Manufacture of breakfast cereals and cereals-based food
- 10620 Manufacture of starches and starch products
- 10710 Manufacture of bread; manufacture of fresh pastry goods and cakes
- 10720 Manufacture of rusks and biscuits; manufacture of preserved pastry goods and cakes
- 10730 Manufacture of macaroni, noodles, couscous and similar farinaceous products
- 10810 Manufacture of sugar
- 10821 Manufacture of cocoa and chocolate confectionery
- 10822 Manufacture of sugar confectionery
A small company situated in Salford that distributes food to UK retail from US manufacturers was rapidly expanding. The client required a facility to expand their business and go into more retail chains; having confirmed orders that they could not finance. They were assisted with creating an import facility which has grown as the business expands.