Sallyport Commercial Finance provided a $5 million credit facility to an apparel company that suffered when major retailers began to cancel orders amidst the ongoing COVID-19 pandemic.
The new facility, coupled with a seasonal inventory lender, will provide the working capital to continue services and help grow market share.
“Our client came to us in the midst of these upside-down times. They wanted to find a new lender who was understanding of the effects COVID-19 had on businesses and could address their working capital needs. With the pressing holiday season upon them, they needed a finance partner to help fulfill their current orders and launch them into 2021 with renewed confidence,” Danny Krasna, vice president of Sallyport, said.