Star Funding Provides $4MM Texas Startup
Star Funding announced that it provided a $4 million financing to a start-up manufacturer and distributor footwear and leather accessories. The financing facility will provide finished goods and WIP purchase order financing, as well as accounts receivable factoring.
The client recently obtained the NFL license, and has received a significant number of large orders upon launch of its new product line. Star will provide the funding to enable the company to pay its suppliers. This new facility will allow the client to fulfill its existing orders, and to leverage this success to acquire additional orders and distribution opportunities projecting annual revenues of $10-plus million.
“The company required a unique financing and creative structure that would provide liquidity, and enable this start-up to go to market on large scale,” stated Ronnie Sussman, vice president of Business Development at Star Funding. “Management owns another company, and brings that experience to this new venture. Start-ups face many challenges, but we feel strongly about the product quality, customer base, and in the management and operations of the company. We look forward to a long-term relationship with them.”