Daily News: September 18, 2013

Star Provides $1.5MM to Tabletop Distributor

Star Funding announced it provided $1.5 million in financing to a New-York based manufacturer and distributor of housewares and tabletop products. The financing facility will provide the client with finished goods purchase order financing, as well as accounts receivable factoring.

The client was looking for assistance with a significant number of large orders received during the industry shows, as well as fulfilling a new promotional program with a multi-channel retailer.

Star is providing the funding to enable the company to pay the suppliers up to 100% of the cost of the goods, and bring in product from overseas for shipment to large big box retailers. This new facility will allow the client to fulfill its existing orders, and to leverage this success to accept additional orders and new distribution opportunities.

“The company had been self-financed for several years, but recent growth plans required partnering with a lender who understands the seasonality and cycles of the industry,” stated Ronnie Sussman, vice president of Business Development at Star Funding. “We look forward to a long term relationship, and will leverage our expertise in this segment to help the client manage its cash-flow.”