New York, February 2011 – Coral Capital Solutions (“Coral Capital”) (www.coralcapitalsolutions.com), a commercial finance company specializing in receivables based funding, announced it has funded a $3MM factoring transaction with Millennium Design Co. USA Ltd. (“Millennium” or the “Company”), a Thailand based manufacturer and distributor of gemstones, fine diamond and gemstones gold jewelry.
Millennium was seeking a financing firm that could support its growth in the USA and transact quickly. “We acknowledge the potential that the Company has in selling its jewelry to well established retailers such as Home Shopping Network and we are pleased to support it.” Said Jim Bertie, COO, of Coral Capital. With a manufacturing facility in Bangkok and marketing and sales branch in NYC, Millennium employs over 100 people and sells jewelry to customers in the USA and Europe. Coral Capital’s underwriting expertise coupled with automated verification process allows us to render an efficient and superior servicing of the receivables.” With strong balance sheet, using its own equity, Coral Capital’s positioning itself as an alternative source of working capital to small and midsize businesses that cannot secure traditional bank financing.
“Coral Capital’s receivables financing will allow Millennium to increase its sales and to pursue nationwide distribution for our jewelry with large retailers.” Said Imtiyaz Shaikh, owner and President of Millennium.
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.