From Home Furnishing Business
OMI Launches New Business Credit Platform
Providing more retailers an opportunity to floor its products, organic mattress manufacturer OMI has announced a partnership with Fundbox for a new business credit platform that will provide 60-day, interest-free financing on purchases up to $100,000.
Under the new program, qualifying retailers are not subject to minimum order requirements, and for the first time, the company will allow financing for floor model purchases.
“Every retailer we have ever spoken with is interested in flooring organic product, but they have been encumbered by the cost of flooring samples and holding minimal inventory. I believe this new program solves that challenge for the industry,” said Jeff Bader, chief executive officer of OMI.
“Today, we are seeing greater interest in certified organic mattresses and bedding because differentiated, luxury products are top performers at retail, with lower priced, conventional products experiencing crowding on dealer’s floors. It’s also true that price points below $3,000 at retail are challenged by online competition,” he added.
If a retailer chooses not to pay the balance in full within 60 days, weekly installment payments, with interest, can be made for up to one year, freeing up substantial cash flow for OMI’s partners as needed.
Founded in 2013, San Francisco-based Fundbox provides lines of credit for small businesses in the United States.
“Fundbox is a unique lending platform specifically designed with small businesses in mind,” Bader said. “They understand the unique challenges of cash management, which regardless of industry, is critical to success.”