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www.IndependentRetailer.com FINANCE
Tel: (864) 281-9914 Fax: (864) 281-9915
319 Garlington Rd. Suite A4, Greenville, SC 29615 EW547A 89070 9594 13258F M213AF 2071BK SW1102CS FL805-15B TW150AL Overnite Capital H2525 MT122 YK452 NU046 DM-1043 AZ11
SOMETIMES IT takes a while to fi gure out why a company has the name it does. Not so with Overnite Capital, because in the case of this California based lender, that’s exactly what they provide. Overnite Capital fi nances the commer- cial receivables for vendors to retail, so that the manufacturers selling product to retailers on net 30 or net 60 day terms can have the ability to draw cash against their invoices, in advance of payment from the buyer. Advances can be as high as 90 percent on the invoices, depending on the industry. For example, for a company selling ap- parel to retail, the advance may be 80 percent on the invoices. “Overnite Capital began
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in 2007, after I had been in the brokerage business for a number of years for a company called, Capital Solutions,” says co-owner, Brian Battaglia. “I had 16 years experience in the business. Overnite Capital was started to fi ll a void in the market, for companies with two million to 40 or 50 million in sales, whose operators or owners do not want to pay a mini- mum commission, but want a reasonable rate and fast service.” The company serves a broad spectrum of whole-
B3145 CC45-2A 8851CSA KS5918 892874-8
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salers, but if there is any specifi c concentration, it would probably be in apparel manufacturers. Batta- glia attributes this to their being most amenable to the practice of factoring, since it’s well known in their industry. But Overnite Capital is a generalist as fi nance companies go; it’s meant to handle any kind of business in which invoices are created and cash is on hand. For those companies, the potential for growth and expansion exists as a result of doing business with Overnite Capital. The extra layer of capital that they provide can make the owner more money, but the service is not geared for companies that are on the downswing. “The fact that a lot of our clients have never continued on page 60
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