Gloria Lance, Inc.
Gloria Lance, Inc. is a California-based women’s clothing manufacturer, whose clothing is sold in retail outlets throughout the United States.
In business for almost 30 years, Gloria Lance has operated in both good and bad markets. For many years, the company relied on a large factor to provide them working capital, but when the company hit a few bumps in the road due to the lagging economy, their long term partner decided that Gloria Lance was no longer worth the risk.
“When our long-time factor severed ties with the Company, we knew it was time to find a company who would truly take the time to understand our business, get to know our management team and look at Gloria Lance as more than just numbers on a spreadsheet,” said, Michael Kazden, Chief Financial Officer of Gloria Lance.
In April 2011, Gloria Lance sought assistance from Capital Business Credit (CBC). Very quickly, CBC recognized the company’s potential and provided them a $4 million revolving credit line. With the CBC credit facility, not only is the Company operating at a profit, but its growth trajectory shows signs that it may nearly double annual revenues over the next few years.