Sallyport Provides $2MM in Financing for Apparel Business Expansion

Sallyport Commercial Finance provided $2 million in accounts receivable and purchase order financing for an apparel business.

Sallyport already had a relationship with the client and had previously supported its with financial services. The client returned to Sallyport when it needed funding and a letter of credit in order for its suppliers to release goods for shipping to the U.S.

The client has pivoted into the personal protective equipment market during the COVID-19 pandemic and will use these funds to maintain and grow its PPE product line and rebuild its brand of footwear and handbag distribution.

“The company was looking for a PO financing solution that would enable them to secure orders from an overseas manufacturer and put them in a position where they can confidently accept larger orders of their PPE line from clients old and new,” Nick Hart, president of Sallyport Commercial Finance, said. “The Sallyport team were understanding of their situation and we structured a working capital solution that enabled the timely fulfillment of new contracts.”