Sallyport Commercial Finance provided a $7.5 million combined credit facility, which included an accounts receivable line, inventory line and term loan, to a family-owned apparel company with over 30 years of experience.
The business had breached several covenants with their current lender, causing a contentious situation and lender fatigue that affected the business’ ability to continue to trade. The company found some direction and relief from their existing real estate lender who helped negotiate a settlement and then championed Sallyport to support their ongoing working capital.
“In difficult work-out situations, it’s imperative to work through the noise and seek out viable options to help a business stay relevant and continue day-to-day operations,” said Greg Dyson, Sallyport national sales manager. “We’re confident in partnering with the business to ensure consistent and sustainable financing to help them reach their year-end obligations and prepare for a successful 2019.”
With the new credit facility in place, the company is now positioned to effectively manage the expectations of their clients, stakeholders, and suppliers in order to keep the business relevant in the coming years.
