Long-term banking relationship translates to growth for global company - S. Florida Business & Wealth

Long-term banking relationship translates to growth for global company

Companies that move to the United States from countries where English isn’t the primary language face additional hurdles as they get up and running. Add political difficulties in the company’s former country to the mix, and you have a daunting set of challenges to overcome.

That was certainly the case for Manuel Escobar, founder of distributor and assembler Fluid Handling Support Corp., who moved his company from Venezuela to South Florida in 2004.

Escobar had been in business since 1986. In 1993, he launched Fluid Handling Support’s predecessor, APTEIN Venezuela; however, “political and economic uncertainty led me to look at other countries,” he said. Escobar was born in Peru and proved adept at doing business in South and Latin America, but when he moved to the United States, he needed to establish new banking relationships from scratch.

Valley Bank prides itself on being a bilingual financial institution and makes a point of hiring bankers, such as Miami-based Vice President and Business Banker Jose Hernandez, and support staff who are fluent in Spanish. Escobar had been a client of Hernandez’s colleague Giovanni Gari at another bank, so when Gari joined the team at Valley Bank about a year ago, Gari introduced Escobar to Hernandez.

“By coincidences of life, we got in touch and he asked me to go with him as his client again,” Escobar said. “There, he introduced me to his team and to Jose, and we now have the current relationship. I’ve been able to handle my day-to-day banking in my native language thanks to Valley having multiple bilingual/Spanish-speaking employees.”

Escobar said he felt comfortable establishing a lending relationship with Valley because of its approach to business banking, which he called “a lot more like family and personalized.” With just 40 employees, Fluid Handling Support is a small, tightknit company, and he found a similar culture at Valley.

“They make me feel like part of the family,” Escobar said.

Valley helped Escobar refinance his commercial mortgage and secure other key financial products, such as a line of credit that has allowed him to greatly expand Fluid Handling Support’s sales and distribution footprint and stockpile additional inventory.

The company now has eight satellite offices across much of Latin America and the Caribbean — including Chile, Venezuela, Panama, Dominican Republic, Barbados, Jamaica and Ecuador — and its clientele includes household names such as Nestle, Heinz, Colgate, Kraft and Goya, which use its equipment to make everything from ketchup and mayonnaise to toothpaste.

A truly versatile distributor, Fluid Handling Support even markets positive displacement and centrifugal pumps, rotary gear pumps, peristaltic hose pumps, electric motors, amongst others.

Escobar has been working in the industrial parts and equipment industry for 33 years, but he shows no signs of wanting to slow down and is excited about more success to come, with Gari, Hernandez and the Valley Bank team at his side.

“I look forward to growing my business,” Escobar said, “and when needed increase my line of credit to help fund future growth.”

Jose Hernandez is the Business Banker in Miami with Valley Bank. With nearly two decades of banking experience in South Florida, he specializes in developing relationships with companies with annual revenues up to $10 million.

 

~ Valley National Bank is a Member of the FDIC and Equal Opportunity Lender.

You May Also Like
Three Hidden Due Diligence Risks to Catch Before It’s Too Late

By Charles Ladas, EisnerAmper Whether on the buy-side or sell-side, due diligence can uncover issues that affect valuation, deal structure, and the decision to move forward. While every transaction is

Read More
A pyramid-shaped structure made of triangular, translucent prisms in yellow, white, and blue, arranged in a gradient on a light, softly shadowed surface. South Florida Business & Wealth
Aon to Acquire USI Insurance Services

Global insurance brokerage and consulting firm Aon has agreed to acquire USI Insurance Services from private-equity firm KKR in a deal valued at approximately $17 billion, including debt, according to

Read More
Two people shaking hands, overlaid with images of coins and dollar bills, representing a business deal or financial agreement. South Florida Business & Wealth
BNY Wealth Names Two New Palm Beach Senior Executives

BNY Wealth is expanding its presence in Palm Beach with the addition of two senior executives as the company looks to serve the region’s growing population of ultra-high-net-worth clients. Seth

Read More
Caleb Bowser
Aging, Care, and the Cost of Waiting Too Long

Attorney Heidi Friedman on VA benefits, Medicaid rules, and why early planning can prevent costly mistakes

Read More
A smiling professional woman sits at a desk with an older couple, discussing paperwork. Documents labelled "Medicaid," "Long-Term Care," and "VA Benefits" are on the table. A marina is visible through the large window behind them. South Florida Business & Wealth
Other Posts
The Business of Fun

Walk into an Arcade Time and be prepared for your senses to be ignited: The flashing lights of hundreds of arcade games blend with the soundtrack of retro hits, while

Read More
A man with short hair and a beard stands with arms crossed in a colorful arcade filled with games and neon lights. South Florida Business & Wealth
Cozen O’Connor Adds Mark Kahn to its Florida Corporate Practice

As part of its ongoing expansion in South Florida, international law firm Cozen O’Connor welcomes startup attorney Mark Kahn to its Corporate Practice Group. With billions of dollars in transactions

Read More
A man wearing glasses, a dark suit, white shirt, and patterned tie smiles at the camera against a plain gray background. South Florida Business & Wealth
Miami’s Rider Residences Tops Off Construction

Ciprés, the next-generation real estate development firm, in partnership with veteran South Florida developer Rilea Group, announced the recent topping off of construction for The Rider Residences, rising 12 stories at 94

Read More
A rooftop restaurant with a green roof, palm trees, and people dining at tables. The floor has a checkered pattern, and the space is stylishly decorated with plants and modern furniture. South Florida Business & Wealth
John Cunha Appointed Permanent Chief Medical Officer of Holy Cross Health

John Cunha, DO, FACOEP has been named the permanent Chief Medical Officer (CMO) of Holy Cross Health, effective September 1. “Dr. Cunha has been dedicated to the Holy Cross mission

Read More
Smiling man with short brown hair wearing a dark blazer and light blue collared shirt, posing in front of a plain gray background. South Florida Business & Wealth