Gemini Finance provided a $1.5 million purchase order financing facility to a California-based manufacturer of window shades, which used the funding to fulfill purchase orders from a home improvement retailer.
The manufacturer’s revenue has increased during the COVID-19 pandemic, as homeowners have increased spending on home improvement projects. The manufacturer needed to ramp up production but did not want to sell equity to finance this growth. Its existing working capital was exhausted and traditional banks were not available to provide the capital needed, so the manufacturer came to Gemini Finance looking for a non-dilutive way to finance its growth.
Gemini Finance recognized the experience of the manufacturer, which, coupled with the financial strength of the customer, made this an ideal purchase order financing opportunity. Gemini Finance closed the transaction in under seven days, allowing the manufacturer to meet the delivery requirements of the order from the home improvement retailer.
“Gemini is pleased to help entrepreneurial companies grow and increase revenues,” Steven Winters, president and CEO of Gemini Finance, said. “Gemini’s strong balance sheet and creative financing solutions allow growing companies to reach profitability while preserving founders’ equity and ownership.”
