JPalmer Collective (JPC), an asset-based lending firm focused on empowering high-growth, women-led, and mission-driven companies, announced the closing of a $4 million line of credit to STATE Bags, the vibrant lifestyle brand known for its iconic, durable backpacks and its dedication to social impact.
Founded by Scot and Jacqueline Tatelman in 2013, STATE Bags quickly became a cult favorite, blending creativity, functionality and philanthropy. For every bag purchased, the company donates fully stocked backpacks, supports projects with partner charities and schools, and raises awareness of social issues through its #WhatDoWeTellTheKids platform.
“We are proud to fuel the growth of this dynamic and mission-driven brand,” said Jennifer Palmer, founder and CEO of JPalmer Collective. “State Bags has built a powerful model that brings joy to families while making a tangible difference in underserved communities. As a mom of four daughters who are devoted STATE Bags fans, I’ve seen firsthand how these colorful bags bring joy to people of all ages.”
The financing will enable STATE Bags to simplify its capital structure and fund continued expansion.
“Our refinancing with JPalmer represents a meaningful upgrade to our financing strategy, replacing a patchwork of short-term solutions with a reliable, growth-aligned partner,” said Jacq Tatelman, Co-Founder, CEO, and Creative Director of STATE Bags. “JPalmer has been incredibly flexible and collaborative throughout the process, and we deeply value this long-term partnership.”
