Crossroads Closes Inventory Financing for Craft Store Chain
Crossroads Financial announced that it has provided a $3 million inventory financing facility for the benefit of retail chain of arts and craft stores. The retailer, hit hard by the downturn and loss of foot traffic during the winter time, was asked to find an alternative financing solution when the incumbent lender asked the retailer to exit the relationship due to a breach in loan covenants. Crossroads Financial was able provide an inventory revolving facility to take out the incumbent lender while also providing additional working capital to assist the business in acquiring Inventory to stock the shelves.
“Crossroads has been pushing a retail Inventory product to serve the needs of business who can’t access traditional sources” commented Lee Haskin, CEO of Crossroads. “There are very few, if any, options for retail and e-commerce businesses who do not meet the criteria of a traditional asset based lender. Crossroads strives to be a resource for any wholesaler, manufacturer, or retailer who needs Inventory Financing or Purchase Order Financing.”