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Crossroads Financial Partners With Bibby to Finance Luggage Importer

June 05, 2013, 08:14 AM
Filed Under: Purchase Order Finance

Crossroads Financial provided a $4 million purchase order financing facility for the benefit of an importer of luggage and accessories.

Needing to exit a traditional banking relationship, the company turned to Crossroads to assist in filling orders from large retailers. With a hard deadline before orders were due to be cancelled, Crossroads stepped in and provided funding to the suppliers in order to get product released on time.  This ongoing facility will allow the company to operate, providing enough availability to continue to fill orders and meet sales projections.  Crossroads partnered with Bibby Financial Services, who is providing a factoring facility to meet the client’s back end receivable factoring needs.

“The company needed a partner who could meet their needs immediately and the flexibility offered by Purchase Order Financing” said Darren Palestine, Director of Sales for Crossroads.  “Traditional financing would not have been able to meet the funding requirements and the Crossroads-Bibby package provided a full solution to get the company back on track.”

Crossroads is a stand-alone inventory lender provide inventory revolving lines of credit and purchase order financing.   Crossroads does not factor or finance receivables, rather partners with other lenders who do so.

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