Gibraltar Business Capital provided a $5 million asset-based line of credit based on accounts receivable and inventory to LYV LIFE, which does business as Cora. Cora is a provider of ethically sourced and organic feminine hygiene products sold both through traditional retail channels and direct-to-consumer sales through an online, customizable subscription model. Cora also provides free products and health education to girls and women in need globally.
Cora needed liquidity to support growth. Gibraltar had maintained a relationship with Cora for several years and also had financed a separate portfolio company of one of Cora’s institutional equity investors.
Gibraltar and Cora agreed on the line of credit, which features an accordion feature that allows the facility to be increased to $7 million as warranted. The inventory borrowing base includes finished goods and in-transit inventory with no inventory appraisal required.
“Gibraltar’s track record and stability makes us feel confident that we can look to them for the liquidity we need not only now but in future years,” David Lacy, CFO of Cora, said. “We’re excited about using these funds to continue our mission of empowering women with innovative products, health education and economic opportunities.”
