In 2012, John Cosco started Bluemar Promotions in Exeter, N.H. to serve as a broker between top manufacturers and retailers of consumer electronics. John and his wife, Jen, built a strong business by recognizing that relationships with suppliers and customers were their most-valuable assets. By 2015, the company had exceeded $6 million in sales, but needed access to more credit to continue to grow.
The Coscos financed many of their purchase orders with credit cards and accounts-receivable financing—both expensive options. Bluemar’s bank was unable to increase the company’s line of credit, but connected John with the Community Loan Fund.
Why the Community Loan Fund made the loan
Bluemar had achieved years of positive performance and growth. Given the management team’s commitment to their partner relationships, we felt the business would remain strong over the long term and be able to repay the line of credit on a regular basis.
We offered a line of credit, which the company used to place more orders and continue growing. Bluemar also hired a new partner to provide additional return and refurbishment services for its customers.