Leading Internet Retailer Spiraledge Secures $8 Million Loan From RBC
Republic Business Credit has provided another company with the funds it needs to not only succeed but also grow.
Spiraledge is a leading internet retailer and healthy-living company headquartered in Campbell, Calif., and recently secured an $8 million loan to leverage its internet retail and e-commerce strategy. RBC provided a scalable, flexible and growth-orientated facility to maximize availability on inventory, merchant accounts and direct-to-consumer proceeds.
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 tools for managing a diversified, sustainable farm.
“Coming out of the pandemic and preparing for the Summer Olympic Games in Toyko, we sought a partner to support our seasonal inventory purchases,” said Spiraledge CFO John Gilchrist in a statement. “Republic understood our business and was committed to our vision of providing the perfect online shopping experience for our customers.”
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.
“Spiraledge is a great addition to a growing portfolio of brands,” Republic COO Matthew Begley said. “The company is a well-run, mission-oriented, direct-to-consumer internet retailer that delivers for its customers.”
Republic Business Credit is a national provider of working-capital facilities to private-equity and entrepreneur-owned businesses. Republic provides asset-based lending, ledgered lines of credit, traditional factoring, direct-to-consumer loans and Fast AR Funding. It partners with its clients to provide up to $12 million in senior credit facilities to rapidly growing businesses, startups and companies experiencing recoverable distress.