Despite economic challenges, industrial equipment supplier DMI grew and continued its global expansion plans with help from Viva.
DMI Industries Supplies machinery equipment
Growth-Related Challenges
Founded in 1999, DMI helps some of the biggest names in manufacturing automate their most sensitive tasks. From electronics companies like Jabil to automotive manufacturers such as Cooper Standard and Magna International, and healthcare companies like BD and Cordis (a Johnson & Johnson company) that creates cardiovascular devices, there’s no room for error in their work.
By designing, building, and installing the machines that brands across the globe trust, DMI’s name has become synonymous with “quality” over the years, yet has always found a way to remain competitively priced, something its ever-growing portfolio of clients equally appreciates.
However, the manufacturing industry was among those hit the hardest in 2020. Jobs vanished, hours worked fell to just 38 percent of their normal levels per the Bureau of Labor Statistics (BLS), and output fell to just 43 percent of its normal rate. It will take years for the industry to get back to its 2019-level contributions to GDP, McKinsey analysts say.
Armando Hernandez, President of DMI, knows this better than most. Although his company held strong in spite of the difficult economy, cash flow issues were mounting. Even though his clients were global names, the level of funding he was offered didn’t match up. “My factoring company before Viva was not supporting the needs I had in order to continue to grow my business,” he says.
“[The Viva Capital team] provided me with the liquidity my company needed as [we were] growing.”
Solved by Invoice Factoring with Viva
Hernandez started asking for recommendations and a peer suggested that he check out Viva. Now looking back at his three-year relationship with Viva, Hernandez says he was always sure of his decision to switch. “I have not looked back since,” he says.
While Hernandez acknowledges that Viva’s transparency and support were key factors in his decision, he unequivocally believes it’s the higher credit limits with invoice factoring that has helped his business the most. “They provided me with the liquidity my company needed as it was growing,” he affirms.
Global Expansion Challenges
Thriving in spite of economic conditions, DMI is growing and planning expansion into the southern part of Mexico over the next couple of years. However, like most companies experiencing rapid growth, that sometimes means DMI requires additional working capital to be able to take on new clients and larger orders.
Solved by Purchase Ordering Financing with Viva
Hernandez spoke with his dedicated account manager about DMI’s working capital needs and, together, they found a path forward. “Viva also has helped me with financing some of my POs,” Hernandez explains. “The continued support when needing to finance new projects,” he says, is an unexpected but welcome benefit of his partnership with Viva. “With the right partner, you can achieve your growth objectives,” he says.
To learn more about invoice factoring or get started,
request a complimentary rate quote today.
