Coral Capital Solutions provided a $1.2 million purchase order and factoring facility to an importer of tequila, rum and whiskey based in California. The facility empowers the company to pursue new distribution opportunities and provides support for future growth.
The management team of Iconic Brands Inc. has a track record as an award-winning importer and marketer of tequila, rum and whiskey brands in uniquely designed artistic bottles. The company works with suppliers in China and Mexico and sells the spirits to distributors and retailers worldwide. In order to launch several new product lines, the Company’s foreign suppliers required deposits and its large customers required extended payment terms, creating a cash flow squeeze. The company is in process of equity raise and couldn’t meet current customer demand. Iconic turned to Avalon Net Worth to help raise capital and to Coral Capital Solutions to provide purchase order and accounts receivable financing.
“We were able to deliver payment assurance in the form of LCs to suppliers, and in return, they increased production to facilitate delivery of the goods to our client’s customers,” said Ronnie Sussman, Business Development Officer of Coral Capital Solutions. “In addition, we were able to provide ongoing working capital financing. The Company is now better positioned to take on new distribution channels and significantly grow its business.”
With the right financing solutions in place, the company has the capital it needs to seize growth opportunities and launch its new product lines to customers in North America and internationally.
Coral Capital Solutions provides financing solutions to small and middle market companies in a wide variety of industries mainly throughout the U.S. and Canada. Coral Capital is a leading source of factoring, asset-based lending, purchase order finance and trade finance products. Coral Capital is well capitalized, using its own equity to fund clients and therefore has the ability to consummate transactions quickly from commitment to funding.