Manufacturer Maxed Out Under Current Bank Looking for Funding Solution
A U.S based manufacturer of detachable security tags was looking for funding to support two large purchase orders it had obtained from two of the nation’s largest retailers.
The Company had completely maxed out their credit line with their current bank. Unfortunately, any additional requests for a line increase were declined. This was due to the strict and inflexible underwriting guidelines by their bank. The Company did not want to lose the opportunity to add the two customers and needed to find a solution to their strained working capital.
Seacoast Business Funding met directly with the owner of the business and toured the manufacturing facility and discussed the Company’s funding needs. As a result of Seacoast’s timely response and fast underwriting, we were able to issue a proposal and close on a new credit facility well ahead of the competition. We were able to increase the company’s borrowing capacity above and beyond what their previous lender was willing to do. The Company was successful in fulfilling the large purchase orders on hand; and now has a reliable working capital facility to support its future growth.