Gourmet Gift Baskets
GourmetGiftBaskets.com in Kingston, N.H. was founded with family values and the desire to provide exceptional gifts for all of life’s special occasions. Much of its sales occur during the December holiday season, so it ramps up production in the fall to prepare items that can be shipped quickly. In summer 2014, the company needed short-term financing to purchase inventory that would be sold in that year’s holiday run.
The company’s bank already provided a significant amount of advance funding, and had reached the limit of collateral available to support the loan. So GourmetGiftBasket.com’s owners reached out to the Community Loan Fund.
Why the Community Loan Fund made the loan
GourmetGiftBaskets.com had achieved several years of exceptional performance, especially during the busy holiday months. Given the strength of its management team and the quality of its financial systems, we felt confident the business would hit its projections and repay both the bank and the Community Loan Fund.
We advanced the funds the company needed to start production in the fall, and it had a stellar year-end. It paid off its loans, as it had every year prior, and was poised for even more growth.