The Company: Millennium Design is a manufacturer and distributor of gemstones, fine diamond and gemstone gold jewelry. With manufacturing in Thailand and a marketing and sales branch in New York, they employ more than 100 people to sell jewelry throughout the United States and Europe.
The Problem: The company was seeking a financing partner that could support its growth in the United States, as well as provide an alternative source of working capital.
The Solution: Coral Capital Solutions immediately acknowledged the potential that the company had in selling its jewelry to well-established retailers within the United States. Coral Capital’s underwriting expertise coupled with its automated verification process allowed Coral Capital to render an efficient and superior servicing of the gemstone distributor’s receivables.
The Result: Coral Capital Solutions was able to provide an alternative source of working capital for a business that could not secure traditional bank financing. In the end, the receivables purchase facility enabled the company to increase sales and pursue nationwide sales and distribution of its jewelry.