Salem Five’s Business Credit team has provided a $4 million revolving credit facility to NorEast Outdoors, a Pocasset, MA-based designer, importer and distributor of high-quality outdoor recreation products.
The financing will provide the working capital needed to support NorEast Outdoors’ continued growth by funding inventory purchases, manufacturing deposits and seasonal operating needs. The flexible structure of the revolving credit facility will help the company manage the timing of inventory production and shipments, while maintaining the liquidity necessary to serve customers and retail partners across North America.
“Our passion at NorEast Outdoors has always been to bring high-quality, affordable products to the outdoor market and give consumers what they need to get outside,” Dan Roy, CEO of NorEast Outdoors, said. “Whether that’s sitting around a campfire, spending time by the lake or relaxing in the backyard, we want our products to make those experiences even better. To support that mission, we need a banking partner who understands the way our business operates. I’ve worked with a number of bankers over the past 20 years, and Keith Broyles, now SVP at Salem Five, is one of the few I’ve truly considered a business partner.”
Roy added, “The entire process with Salem Five — from negotiation through closing — was straightforward, transparent and smooth. This new credit facility gives us the liquidity and flexibility we need to manage overseas manufacturing, fund inventory and navigate the seasonal demands of our business.”
Keith Broyles, senior vice president, business credit at Salem Five, added, “We’re proud to welcome NorEast Outdoors to Salem Five and support Dan and his team as they continue to grow. NorEast Outdoors has built a strong reputation for delivering quality outdoor recreation products. We worked closely with the company to structure a financing solution that aligns with its operating cycle and provides the flexibility needed to support future growth. We look forward to continuing our long-term banking relationship with Dan and NorEast Outdoors.”
