Coral Capital Provides $3MM Facility to Consumer Products Startup
Coral Capital Solutions announced it provided a $3 million purchase order and factoring facility to a startup designer and manufacturer of consumer products. The facility will allow the New York-based company to launch its sales in the United States.
Principals of this startup invented, designed and engineered a unique and modern colorful multi-function handheld rechargeable electric can opener that is first being sold in the USA. The company’s overseas suppliers required cash up front and its large customers required extended payment terms, creating a cash-flow squeeze.
“We were able to finance the cost of the purchase order through a letter of credit in order to facilitate the first delivery of the goods in the U.S.,” said Jim Bertie, chief operating officer of Coral Capital Solutions. “In addition, after years of development and product design this startup has launched its modern version of this traditional product, and we will provide ongoing working capital financing so management can focus on significantly growing their business instead of looking for equity investment.”