Mi Pueblo Latin Market Inc., operating out of Colorado, has posted a $100,000 cash surety bond with the U.S. Department of Agriculture. Under the regulations of the Perishable Agricultural Commodities Act, the company was required to post a bond following the company’s involvement in bankruptcy.
The company posted the bond to obtain a license to operate in the produce industry. USDA will hold the bond for three years, providing assurance to the industry that the company will be able to pay for produce purchased and to conduct business according to PACA rules.
In the past three years, the USDA resolved approximately 3,500 PACA claims involving more than $58 million. Its experts also assisted more than 8,000 callers with issues valued at approximately $140 million.