New York, December 7, 2010 – Coral Capital Solutions (“Coral Capital”) (www.coralcapitalsolutions.com), a commercial finance company specializing in receivables based lending, announced it has funded a factoring transaction with Dr. Sears Family Essentials, Inc. (“Dr. Sears”), www.drsearsfamilyessentials.com, a company that distributes children’s health products, nutritional supplements, snacks and drinks through health food stores, grocery stores, mass and club retailers and the internet, under the aegis of the venerated pediatrician, Dr. Bill Sears. Under the terms of the agreement Coral Capital is funding $6.4MM of Dr. Sears’ receivables.
“Dr. Sears needed a financing firm that could move quickly and provide a flexible form of financing that would accommodate its growth and seasonality. We recognized the strength of the Dr. Sears’ brand and its potential to generate increasing sales as the economy continues to improve and are pleased to provide funding to support its growth plans,” said Rishi Kumar, CEO of Coral Capital Solutions. “Coral Capital’s unique expertise to render rapid decisions on credit worthiness and capital strength gives us the ability to support companies in the nutrition, supplements, health, and a broad array of other industries. We are well positioned to capitalize on the opportunity to fill the void created by the credit crisis coupled with the departure of large lending institutions from the growth financing sector.”
“Coral Capital’s support will allow us to significantly scale our business and increase our shipments to large, nationwide retailers without the stress of a liquidity crunch. What I found to be so appealing about Coral Capital was the ease at which the transaction occurred; we were able to get a deal done very quickly. They were there for us providing a financial solution quickly and when we needed it most,” said Tom Hicks, CEO of Dr. Sears Family Essentials.
ABOUT CORAL CAPITAL SOLUTIONS Coral Capital Solutions is a commercial finance company based in New York providing working capital to small and midsized businesses mainly through financing their Purchase Orders and Accounts Receivable, and providing Asset Based Loans.