The Hedaya Capital Group provided a $5 million facility with a $1 million sub limit for inventory advances to a New York-based product development company offering services for a product’s entire creation cycle, from design through production.
Initially, the company’s principals reached out to retail expert Irwin Dayan for brainstorming and strategic advice as the company pivoted to new product categories. Irwin previously led the Exceed Network, a non-profit which offered guidance and resources to business owners in NYC. After using other financing providers and being dissatisfied with the attention its account received, the company turned to Hedaya Capital for working capital solutions. Since Irwin had collaborated with the principals for years on strategy at Exceed Network before joining the Hedaya Capital Group, he understood the company’s needs, recognized its potential for explosive growth and believed in the principals’ entrepreneurial spirit. Hedaya Capital then custom-designed a financial program focused on the company’s growth plans.
Hedaya Capital’s financing gave the company the runway to build new business, hit revenue goals and ideally continue to develop new product categories, such as food storage containers and kitchen and pantry organization solutions.
“We are excited about the opportunity to work with Irwin and the Hedaya team to grow our business,” the company’s president said. “Their retail knowledge, flexibility and attention to detail adds a great deal of value to our partnership. The financing will allow us to grow and turn our cash faster, as well as pursue larger opportunities.”
