FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


Lighthouse Financial Provides $3.43MM in Credit Facilities to Bossong Hosiery

May 17, 2016, 07:16 AM
Filed Under: Apparel

Lighthouse Financial Corp. announced it has provided a $3.2 million revolving line of credit and a $235,000 term loan to a NC based manufacturer of medical and non-medical hosiery.  The company was founded in 1927 and, prior to 2014, focused on women's hosiery including pantyhose, stockings, tights and socks.  In an effort to diversify its sales base, the company began manufacturing medical compression hosiery in 2014. 
The credit facility was designed to refinance the existing debt and provide additional working capital.  Lighthouse was able to structure an aggressive facility against accounts receivable, inventory, and machinery & equipment that improved upon the existing structure thus increasing working capital availability to support sales growth related to the medical hosiery segment.
 "With the changing market conditions in the women's hosiery industry, we needed to diversify our product offering to maintain and grow our revenue base.  The expense related to initiating the medical segment of our business put a burden on our cash flow.  Lighthouse was able to assess the situation and understand our future direction.  They provided us with an aggressive working capital facility that will support our needs as we continue to grow the new business," said Huntley Bossong, President & CEO of Bossong Hosiery.

Lighthouse Financial Corp. is a commercial finance company that provides accounts receivable, inventory, and equipment financing to small to midsized  businesses with loans between $500,000 and $5 million. Businesses financed include manufacturers, distributors, wholesalers and service companies located in the eastern half of the United States. Lighthouse loans are typically used to fund growth and expansion, financial restructuring and refinancing, debtor-in possession financing, acquisitions, partner or shareholder buy-outs and business turnarounds. Client companies generally have annual sales of between $4 million and $50 million.

Week's News

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.