After two years’ of extremely challenging conditions for this business due to the pandemic, Sallyport Commercial Finance provided $1.75 million in finance for an office furniture manufacturer. Manufacturing high quality office furniture from its factory in LA, the company was referred to Sallyport via a contact in the banking industry.
The finance comprises $1.5 million accounts receivable finance and a $250,000 cash flow loan. In the immediate term, the funds will enable the company to purchase key components for equipment which is otherwise complete, and in the longer term, the company is developing a range of entry-level products which it will be selling into warehouse retail and targeting towards the federal government going forward.
“Our prospect had multiple challenges including recent losses but with huge potential for growth given the right solution to their working capital challenges,” James Bartel, senior vice president for Sallyport, said. “The firm brought in a veteran CFO and he identified financing as a key area for the company.”
