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Homegoods Importer & Wholesaler

 

SITUATION 

Formed in 2008, this wholesaler imports and sells giftware and homegoods to a variety of retailers nationwide. When the company lost two key customers, they reported their first-ever yearly net loss. The business was unable to downsize quickly enough to offset the lost revenue. As a result, their bank closed their Line of Credit and placed the company in Special Assets.

 

SOLUTION 

In order to help the company and keep the deposit relationship, the banker referred the company to Magnolia Financial. Despite two years of losses, Magnolia realized the strength of the company's industry contracts and the value in the business's strong projections. Magnolia extended the company a $500,000 working capital line of credit secured by Accounts Receivable. The funding was used to pay off the bank and provide the company with enough additional capital to fund the upcoming busy holiday season. The business would not have been able to get back on track to success without Magnolia Financial.