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Coral Capital Provides $3MM in Financing to Consumer Products Startup

April 23, 2014, 07:37 AM
Filed Under: Consumer Products

Coral Capital Solutions announced they provided a $3 million purchase order and factoring facility to a startup designer and manufacturer of consumer products. The facility will allow the New York-based company to launch their sales in the United States.

Principals of this startup invented, designed, and engineered a unique and modern colorful multi- function handheld rechargeable electric can opener that is first being sold in the USA.  The consumer market potential for this product is significant as there are over 100 million households in the US alone and every modern household owns at least one can opener.  The company’s overseas suppliers required cash up front and its large customers required extended payment terms, creating a cash flow squeeze. 

“We were able to finance the cost of the purchase order through a letter of credit in order to facilitate the first delivery of the goods in the U.S.,” said Jim Bertie, Chief Operating Officer of Coral Capital Solutions. “In addition, after years of development and product design this startup has launched its modern version of this traditional product, and we will provide ongoing working capital financing so management can focus on significantly growing their business instead of looking for equity investment.” 

Coral Capital Solutions provides financing solutions to small and middle market companies in a wide variety of industries throughout the U.S. and Canada. It is a leading source of factoring, asset-based lending, purchase order and trade finance products. Coral Capital Solutions is well capitalized, using its own equity to fund clients and therefore has the ability to consummate transactions quickly from commitment to funding.

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