Republic Business Credit Provides $8 Million Direct to Consumer Asset-Based Loan to Spiraledge
July 11, 2022
July 11, 2022
New Orleans, LA – When a California-based internet retailer and software company sought to refinance its existing bank facility, it chose Republic Business Credit.
Spiraledge, a leading internet retailer and healthy living company headquartered in Campbell, Calif., with offices in Cincinnati, Ohio, and Ho Chi Minh, Vietnam, sought a partner to leverage its internet retail and e-commerce strategy. Republic Business Credit provided a scalable, flexible and growth orientated facility to maximum availability on inventory, merchant accounts and direct to consumer proceeds.
Spiraledge welcomed the opportunity to borrow on inventory without a sublimit or cap in relation to accounts receivable that a traditional asset-based loan might include.
“We needed a strategic partner who understood our internet retail strategy and trusted our team to deliver on our growth expectations,” said Avraham Benaroya, Spiraledge founder, and CEO.
Spiraledge’s businesses include SwimOutlet.com, the largest online swim retailer; EverydayYoga.com, the web’s fastest growing yoga retailer; Swim.com, a digital swim training, and workout platform; and Tend.com, the first software platform of its kind with powerful tools for managing a diversified, sustainable farm.
The CFO of Spiraledge, John Gilchrist, said: “Coming out of the pandemic and preparing for the Summer Olympic Games in Toyko, we sought a partner to support our seasonal inventory purchases. Republic understood our business and was committed to our vision of providing the perfect online shopping experience for our customers.”
“Spiraledge is a great addition to a growing portfolio of brands, and the company is a well-run, mission-orientated direct-to-consumer internet retailer that delivers for its customers,” Republic COO Matthew Begley said.
Republic provided an $8 million direct-to-consumer inventory loan facility that provides significant availability on Spiraledge’s inventory, accounts receivables, merchant accounts, and e-commerce related proceeds. Republic’s funding refinanced Spiraledge’s existing bank facility while providing significant additional liquidity for future growth.
The Spiraledge team believes the market will continue to expand as outdoor activities and customers continue to focus on living healthy. The company is excited about having a supportive partner to help buy inventory and deal with supply chain headaches ahead of seasonal swings.
“We enjoy partnering with great founders and strong CFOs who see value in non-dilutive debt financing to support their growth,” said Robert Meyers, President of Republic Business Credit. “We have built our platform to help support companies that need a mix of scalable, growth-orientated solutions across our asset-based lending, direct to consumer and factoring products.”
Republic partners with banks, accountants, sponsors, lawyers and investment banks to collaboratively support entrepreneurs across the United States, to create value, by enabling them to focus on growing successful businesses.