Grace Home Fashions Utilizes Alternative Financing to Fuel Growth
June 17, 2013
Capital Business Credit Provides Grace Home Fashions with Factoring Facility
NEW YORK – Grace Home Fashions, a New York-based importer of home furnishings, announced today that it is utilizing a customized financial solution from Capital Business Credit (CBC) to aid in a large and concentrated selling program to a national home furnishings retailer, as well as grow its business.
Through this relationship, CBC is providing a $7.5 million revolving facility that lends against accounts receivable.
Grace Home Fashions sought out CBC in April 2013 after receiving a large purchase order from a major retailer. Grace Home Fashions, which previously was self-financed, sought to work with a lender that would be willing to customize a solution that catered to their needs.
“Not only was CBC able to help us execute against this large order, they were also instrumental in positioning us to significantly increase our overall sales volume,” said Neeraj Jalan, Managing Director, U.S. Operations for Grace Home Fashions. “Without being weighed down by the burden of a traditional bank relationship, CBC was able to quickly and seamlessly develop and execute this facility in a matter of days.”
Commenting on the relationship, Marc Adelson, President and Chief Executive Officer of Capital Business Credit said, “Our executives were able to efficiently complete our due diligence on Grace Home Fashions and quickly customize a facility to aid them in carrying out this large program, and in turn grow their overall business.”
About Capital Business Credit
Established in 1988, Capital Business Credit, LLC (www.CapitalBusinessCredit.com) is a commercial finance company specializing in providing creative supply chain financing solutions. The Company’s service offerings include: full-service factoring; immediate cash for receivables; single debtor credit coverage; letters of credit; accounts receivable management services; inventory lending; and international financing. CBC Trade Finance, a division of CBC, provides trade finance solutions for U.S.-based importers working with Asia-based suppliers (exporters). Capital Business Credit is based in New York, with offices in Hong Kong; Shanghai; Los Angeles; Charlotte; NC; and Ft. Lauderdale, Fla.