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Star Funding Provides $4MM to Texas Start-Up

July 17, 2013, 07:14 AM
Filed Under: Manufacturing

Star Funding announced that it has provided a $4 million financing to a start-up manufacturer and distributor footwear and leather accessories.  The financing facility will provide finished goods and work-in-process purchase order financing, as well as accounts receivable factoring.  The client recently obtained the NFL license, and has received a significant number of large orders upon launch of this new product line.  Star will provide the funding to enable the company to pay their suppliers, and therefore bring in goods from Asia and Mexico for their expanded product line.  This new facility will allow the client to fulfill its existing orders, and to leverage this success to acquire additional orders and distribution opportunities projecting annual revenues of $10MM+.

“The company required a unique financing and creative structure that would provide liquidity, and enable this start-up to go to market on large scale,” stated Ronnie Sussman, vice president of Business Development at Star Funding Inc. “Management owns another company, and brings that experience to this new venture.  Start-ups face many challenges, but we feel strongly about the product quality, customer base, and in the management and operations of the company. We look forward to a long-term relationship with them.”

With the NFL license the company will offer a broad assortment of consumer products through various retail channels, including directly supplying the Pro Team Shops.

Star is a privately held company which has been in the purchase order finance for both work-inprocess and finished goods, letter of credit and factoring business since January 1999. 

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