Worldwide Dreams Appoints Capital Business Credit as Factoring Partner
November 3, 2010
WORLDWIDE DREAMS APPOINTS CAPITAL BUSINESS CREDIT AS FACTORING PARTNER
Leading Middle Market Lender
Provides Fashion Accessory Manufacturer $9.5 Million Facility
NEW YORK – November 3, 2010 – Fashion accessory manufacturer Worldwide Dreams has secured a $9.5 million credit facility from Capital Business Credit LLC (CBC), a commercial finance company specializing in providing supply chain financing and credit risk management solutions.
Historically, Worldwide Dreams has used bank and non-bank lenders to provide working capital. The multi-million dollar credit facility provided by CBC will be used to support business expansion opportunities and aid in Worldwide Dream’s day to day operations.
“CBC offered us a flexible cash-management and asset based solution that we were unable to find from other lenders” said Norman Abramson, Chief Operating Officer of Worldwide Dreams. “The CBC team is not only providing Worldwide Dreams with access to more capital, they devoted time and resources in New York and Hong Kong to understand our business, and developed a program with the flexibility that will allow us to explore opportunities to grow.”
“At CBC we have a deep understanding of the apparel industry and where Worldwide Dreams fits in,” said Andrew Tananbaum, president and CEO of Capital Business Credit. “We have a long history of working with fashion and apparel manufacturers and importers. This allows us to understand the credit requirements of market participants and ultimately design the appropriate financing facility for companies like Worldwide Dreams.”
Worldwide Dreams is a 35-year-old manufacturer of fashion accessories to retailers across the United States, Canada and South America. The Company specializes in ladies accessories, with a focus on handbags and scarves. Headquartered in New York City, Worldwide Dreams also has a sourcing office overseas in Hong Kong and a distribution center in California. The Company’s customers are retailers including major chain stores, specialty stores and department stores.
For more than 20 years, CBC has provided companies with access to credit and working capital asset management solutions that include: factoring, customer credit protection, accounts receivable financing and asset based lending, to help them manage their supply chain-related financing issues. The Company has a long and successful track record of working with hundreds of importers from start-ups to established, public companies, across a wide range of industries, helping them grow by providing quick and reliable access to working capital as well as hands-on assistance in managing customer credit risk.
About Capital Business Credit
Established in 1988, Capital Business Credit LLC (http://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; asset-based lending; and international financing. Capital Business Credit is based in New York, with offices in Hong Kong; Los Angeles; Charlotte, NC; and Ft. Lauderdale, FL.
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