Business Capital Provides Numi Organic Tea Facility
Business Capital announced that it secured a $4.75 million credit facility, including a $750,000 seasonal over-advance, for Numi Organic Tea.
Numi wanted to position itself to take advantage of the rapidly growing marketplace. It required an infusion of working capital to increase inventory levels in anticipation of higher sales and new product introductions. Due to the seasonality of sales, the company also needed a seasonal incremental advance to fund the spike in product sales and cushion the drop in seasonal liquidity. Because of their complex needs and business model, it was a challenge to find the right lending partner to help them fund their goals.
Business Capital was referred by Numi’s equity investors, who required assistance putting together a non-traditional loan package to fund their plans for rapid growth.
“It was an absolute honor to work with Numi, a company that cares so much about their suppliers, quality of product, customer experience and our planet. This company’s specialized financing needs were significant and we were happy to deliver a solution beyond what most formula based lenders can fund against,” said Chuck Doyle, managing director of Business Capital.
Business Capital was able to understand the company’s complex global supply chain, customer base and nature of their financial requirements and deliver the most competitive and intelligent financing structure tailored to meet the client’s needs and position Numi for a successful growth strategy.
“The team at Business Capital was fantastic to work with. A true partner, they cared about our short- and long-term needs and objectives, working quickly and beside us throughout the full spectrum of the process. They took the time to understand our complex global business model and deliver a financing structure tailored to ensure the best possible outcome for Numi,” said Ahmed Rahim, CEO of Numi Organic Tea.
NumiOrganic Tea, established in 1999, is a worldwide importer and distributor of specialty premium teas and herbs.