Daily News: June 5, 2013

Crossroads Provides $4MM PO Facility to Luggage Importer

Crossroads Financial announced that it provided a $4 million PO financing facility for the benefit of an importer of luggage and accessories.

Needing to exit a traditional banking relationship, the company turned to Crossroads to assist in filling orders from large retailers. This ongoing facility will allow the company to operate, providing enough availability to continue to fill orders and meet sales projections.

Crossroads partnered with Bibby Financial Services, which is providing a factoring facility to meet the client’s back-end receivable factoring needs.

The company needed a partner who could meet their needs immediately and the flexibility offered by purchase order financing,” said Darren Palestine, director of Sales for Crossroads. “Traditional financing would not have been able to meet the funding requirements and the Crossroads-Bibby package provided a full solution to get the company back on track.”

Crossroads is a stand-alone inventory lender providing inventory revolving lines of credit and purchase order financing. Crossroads does not factor or finance receivables, rather partners with other lenders that do so.