CC International
“We needed a facility that could work alongside our UK facility to support the rapid growth of our US subsidiary. At a time when our very own US bank refused to provide us with a loan, FGI was able to deliver a $2 million facility flexible enough to support high concentrations. In addition, they helped us put in place the credit insurance policy we needed to protect our business.”
Managing Director, CC International
Introduction
Crafter’s Companion is one of Europe’s leading manufacturers and suppliers of crafting products. The award winning company is a family business renowned for bringing customers worldwide innovative crafting tools and supplies. Headquartered in North-East of England, Crafter’s Companion also has a subsidiary located in California from where US operations are run.
Situation
Revenue from the US business had been doubling for two consecutive years, and the company was forecasting the same for the next two. This rapid growth was placing a cash strain on the UK parent company, so they needed a facility that could work alongside their UK facility to support the growing operation. However, their US bank, with whom they had been banking for several years, was unwilling to provide them with the loan they required.
Solution
FGI provided Crafter’s Companion’s US subsidiary with a flexible $2 million facility that could support the ebb and flow of their business, which at times contained high concentrations. A credit insurance policy was also put in place to protect the company against non-payment.
As a result of FGI’s financing solution, Crafter’s Companion’s US subsidiary was fully self-funded. It had the working capital sustain its rapid growth in both the US and Canada and the protection to do it safely.
