CBC Provides Toy Distributor with $5 Million Factoring Facility
NEW YORK – Jam’N Products, a major toy distributor which sells under various licenses and brands including Nickelodeon, Fischer Price and Disney, has selected Capital Business Credit (CBC) to provide a $5 million factoring facility, lending on both account receivables and inventory.
Jam’N Products is one of the nation’s leading toy distributors and purchases excess inventory from major vendors like Mattel, SpinMaster and many others. The Company previously had a SBA (small business administration) loan but wanted more flexibility than a fixed loan could provide. The Company began looking at factoring solutions to provide fast access to capital to take advantage of closeout opportunities, as well as to obtain general working capital.
“Having worked with CBC’s executives in the past, they were one of the first companies we turned to when we set out looking for alternative finance solutions. They understood the daily needs of a small, growing business and also understood the seasonality of our business and the importance of working capital during both the slow and peak periods. Beyond their deep knowledge-base, they were able to quickly provide us with a customized financing facility,” said Mathew Hyun, CEO, Jam’N Products. “Additionally, because CBC handles the collections process, it has increased efficiencies by reducing the number of administrative tasks to ensure customers pay quicker.”
“With a history of providing facilities to companies like Jam’N Products, we were able to develop a customized financing facility to help support the Company’s growth,” said Louis Sulpizio, Senior Vice President, CBC. “It is critical for the Company to have a partner who understands seasonality and can provide fast access to capital. Now working with CBC, they are able to quickly take advantage of closeout opportunities, as well as access the working capital they need to run daily operations.”
About Capital Business Credit
Established in 1988, Capital Business Credit LLC is a global financial products and services company. The Company’s solutions include: full-service factoring; accounts receivable management services; inventory lending; asset-based lending; and international financing. CBC Trade Finance, a division of CBC, provides trade finance solutions for U.S.-based importers working with Asia-based suppliers (exporters). Capital Business Credit is based in New York, with offices in Hong Kong; Shanghai, Los Angeles; Charlotte, NC; and Ft. Lauderdale, Fla.
Capital Business Credit is now known as White Oak Commercial Finance.