
We’re wishing you a gift of health, wealth and happiness in 2023.
Please note: Our offices will close at 3 p.m. EST today and will be closed on Monday, December 26th, 2022.
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We’re wishing you a gift of health, wealth and happiness in 2023.
Please note: Our offices will close at 3 p.m. EST today and will be closed on Monday, December 26th, 2022.
The anticipated VQIP application opens as of January 1st, 2023. According to fda.gov, buyers and wholesalers will benefit from this program.
The full announcement reads as follows:
“Participating importers will be able to import their products to the U.S. with greater speed and predictability, avoiding unexpected delays at the point of import entry. Consumers will also benefit from the importer’s robust management of the safety and security of their supply chains.
To participate, importers must meet eligibility criteria and pay a user fee that covers cost associated with the FDA’s administration of the program.
Importers interested in applying can start their application by submitting a notice of intent to participate by setting up an account via the FDA Industry Systems website. Once you have an account, selecting VQIP under the FSMA Program options will take you to the VQIP Application Page with an option for submitting a Notice of Intent to Participate. Importers applying for the next benefit period may wish to refer to the VQIP Portal User Guide as they prepare their applications.”
Here are the steps to apply for the VQIP:
Begin the VQIP application process, which will take you through the above steps.
Check the status of your application on your VQIP Application home page at http://www.access.fda.gov.
Most Frequent Asked Questions to assist you with the application:
” What are the benefits of participating in VQIP?
Quicker, easier entry
FDA will expedite import entry into the United States for all foods included in an approved VQIP application.
FDA will use its Predictive Risk-based Evaluation for Dynamic Import Compliance Targeting (PREDICT) import screening tool to recognize shipments of food that are part of an approved VQIP application. The screening tool will be programmed to recognize and, in most cases, immediately release the shipment, unless examination and sampling are necessary for the public health reasons listed below.
Limited examination and sampling
FDA will limit examination and/or sampling of VQIP food entries to the following situations: (1) “for cause” situations (i.e., investigation of an outbreak or illness) ; (2) to obtain statistically necessary risk-based microbiological samples (when building a product risk profile based on non-biased surveillance sampling); and (3) to audit a small percentage of import shipments covered by VQIP to verify that products declared in a VQIP entry are consistent with products covered in the VQIP application.
FDA sampling at preferred location
When FDA needs to examine an entry covered by VQIP, FDA will attempt, to the extent possible, to examine an import entry and collect samples at the VQIP food destination or other location preferred by the VQIP importer. If import entry to the U.S. is denied, FDA will assist in fulfilling an importer’s request to U.S. Customs and Border Protection (CBP) to export the refused products from the port preferred by the importer.
Faster lab results
In the event FDA collects a sample of a VQIP food import entry, FDA’s laboratories will prioritize processing of VQIP samples.
What are the eligibility criteria to participate in VQIP?
Why is there a user fee to participate in VQIP?
Annual user fees to participate in VQIP cover FDA’s costs for administering the program. These include the costs of reviewing applications; the costs of conducting inspections of importers (both foreign and domestic) accepted into the program; and the annual Information Technology (IT) maintenance costs. The user fee rates are calculated each Fiscal Year and will be posted in a Federal Register notice on or before August 1 each year. “
To read the full article, click HERE.
If you have any additional questions, please don’t hesitate to contact us here.
References:
VP Ashley Orlando discovered the client through her extensive network and contacts in the plant-based food and beverage industry. Two years ago, the client created a Vegan frozen lasagna that quickly gained popularity and flew off the shelves. Like an Italian grandma serving a guest in love with her food, the client is back in the kitchen and using ETC’s patented financial sauce to cook up more Italian staples like vegan ravioli, mozzarella sticks, meatballs, and arancini.
After rolling out to a good start in 2022, the client forecasts robust sales growth for 2023 as they continue to open more doors and gain precious shelf space. But they needed the working capital to get there. Through a referral, the client approached Ashley and ETC with the perennial problem of cash flow crunches caused by a disparity in payment terms between customers and suppliers.
Since the client’s retail customers were paying on net 30-day terms, the client consistently ran into cash crunches with their copacker who provided only net 10-day payment terms. Although the client had several promising talks to open more doors with larger accounts, the logistics proved difficult as each new account required an industry standard of net 30-day terms or greater which only increased the client’s financial burden with each additional order.
Looking to thaw the client’s frozen growth, ETC opened a factoring facility to accelerate the payment of advance receivables. With a bit of good history, the client has the option to add a PO funding facility, allowing them further flexibility to juggle the working capital required to scale rapidly. ETC is thrilled to welcome this new client into our expanding food and beverage portfolio and proud to help entrepreneurs creating sustainable, earth and health friendly products. No animals were harmed in the making of this facility.
Don’t hesitate to contact us here ➡️ https://lnkd.in/e84Ti6hg for questions about how Express Trade Capital can help your business.