Check out the details of our most recent funding for a Florida based Tile Manufacturer and Importer:
The Referral Source
At Porter Capital, we have strong partnerships and referral sources that we have been doing business with for decades. A broker and trusted advisor knew Porter Capital would be a good fit for this client and recommended us as a factoring company.
Our new client is a tile manufacturer and importer of premium-grade stone and porcelain tiles and pavers for indoor and outdoor use. With consumers spending more time at home, residential improvement projects have seen a steady increase. The commercial real estate market is also improving and commercial projects that may have been on hold are starting to advance as well. Given this increase in projects, tile and marble stores in the U.S. are expected to continue to grow over the next 5 years, as our economy recovers.
The Financial Solution
This manufacturer was having issues with an overseas supplier that was no longer willing to offer net 90 payment terms. This created a cash flow issue for our client, who needed to accommodate shortened invoice payment terms and also continue to meet heightened demand. Porter Capital moved quickly to establish a $2MM line of credit, giving the manufacturer the ability to pay the supplier early. Porter Capital understands the financial issues encountered by many businesses in the manufacturing industry and is here to help with flexible financial solutions.