Published November 8, 2024 • 4 Min Read
Horizon Grains Canada Limited is a registered exporter of grain commodities. Based in Calgary, they work directly with Alberta and Saskatchewan farmers, buying quality grains for their base of national and international customers. While they have steadily grown their business since 2010, a recent increase in international opportunities has fueled exponential growth – their revenue has increased from $400,000 in 2018 to $5 million (and growing) in 2024.
In a recent conversation, Iftikhair Wainse, Director of Business Development and Operations at Horizon Grains, shares his company’s journey across the globe and how RBC has helped him grow his business internationally.
Entering new markets
When Wainse first had an opportunity to sell grains to a buyer overseas, he was told he needed to work with a bank to get paid for the order. He met with several banks but felt RBC truly understood his needs.
Upon connecting with a local commercial banker, Wainse began a long-standing relationship with RBC, working closely with his Trade Finance Specialist, Roshan Drahaman and the Relationship Manager.
One of the most impactful tools his RBC partners introduced him to RBC Global Connect – an online global trade resource that can help business owners identify the right countries to enter into. It offers market profiles, trends, and tools, as well as access to the RBC Trade Club, which connects like businesses around the world.
“I believe RBC is well above the other banks in what they provide to businesses with their instruments and capabilities,” says Wainse.
Navigating the complexities of international trade
Doing business internationally comes with its share of challenges – from language barriers to cultural differences to currency exchange and foreign politics. What’s more, doing business with a partner who is far away can lead to skepticism around trustworthiness and reliability.
Thanks to his RBC partners, Wainse felt comfortable doing business internationally. Drahaman’s extensive expertise in international trade has enabled Wainse to keep revenue flowing into his business. Additionally, for business owners seeking to protect payments and access working capital, trade tools such as export letters of credit can offer valuable support.
Seizing opportunities for exponential growth
Wainse has taken advantage of other capabilities offered by RBC, including Assignment of Proceeds and letter of credit discounting – tools he feels other financial institutions take too long to approve.
“Roshan [Drahaman] has a great deal of knowledge and offers a lot of support when making decisions,” says Wainse. “For example, he issued an Assignment of Proceeds which allowed us to purchase large amounts of peas.” With RBC’s help, Horizon Grains has recently expanded to China. “RBC worked with us through our transactions – without them, this opportunity would not have been possible.”
RBC has also assisted with their working capital needs, so they could purchase product and travel to meet clients overseas. “I feel forming personal connections makes a big difference,” says Wainse, who shares he never comes back from international trips empty handed – he always returns with orders.
Both highly responsive and proactive, RBC has played a meaningful role in the growth of Horizon Grains – back in 2018 when he started as a full-time exporter, Wainse’s business grew to $400,000 – $450,000 in revenue per year. In 2023, they closed at $1.1 million and so far in 2024, sales have reached nearly $5 million. “At the end of this year, we hope to make $10 million in sales, and we are already halfway there!”
Wainse sees a bright future for Horizon Grains, as long as they continue to work with RBC and receive their support along the way. There is considerable potential to keep expanding, and they are overwhelmed with new crop orders. Knowing that RBC will be by their side to help guide them through this influx gives Wainse the confidence to keep selling and keep growing.
Our international trade specialists can help you navigate your expansion so you can Go Global with confidence.
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This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.
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