Pinnacle Capital Finance Provides $4.5MM Line of Credit to Furniture Manufacturer

Pinnacle Capital Finance announced the issuance of a $4.5 million line of credit to a San Francisco Bay Area design, manufacturer and distributor of indoor and outdoor modern furniture.  The company supplies furniture and lighting to retail, restaurant, hospitality, rental and design companies located in the United States, Canada and South America.

The company enjoyed double digit growth and profits until new tariffs imposed by the U.S. on imports from Chinese vendors, along with a strategic product diversification plan put a strain on their balance sheet. Their existing lender was unwilling to continue their relationship.

The PCF loan was structured as a $4.5 million line of credit including an accounts receivable and inventory revolving line of credit as well as a term loan. 

Kevin O’Hare, President of the Pinnacle Capital Finance group said: “We were impressed by the management team being so forthcoming of their strategic mistakes as well as by their comprehensive turnaround plan, which was instituted in short order.” 

Jeff Johnson, EVP, intimated his belief that the company would evolve into a conventional Pinnacle Bank borrower as their progress unfolds.