Below is an outline for the structure of a working capital loan facility offered through Crown MAC:

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Overview: Any Gold Crown Hallmark Retailer may apply for a Working Capital Line of Credit (the “Line”).  All fundings and payment collections will occur via an electronic funds transfer.

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Working Capital Lines may be established in amounts up to 10% of sales.  The credit score is calculated by Crown MAC and will be limited to an amount as determined by the borrower’s ability to support the additional debt (including term debt).

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Borrowing Procedure: Crown MAC borrowers can access funds from their existing Lines by downloading, completing and returning the Draw/Advance or Pay-down on Working Capital/Line of Credit form.  For personalized service, borrowers can contact Crown MAC at 800.216.2622.

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The minimum advance request is $2,500.  Assuming sufficient availability under the borrower’s Line, funds will be transferred electronically to the borrower’s account by Crown MAC.  For your first request on a new Line, please contact your Crown MAC Representative.    Every effort is made to process draw requests within 48 hours of receipt.  If you have a special request, please indicate on the Draw/Advance or Pay-down on Working Capital/Line of Credit form and please call Crown MAC at 800.216.2622.

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Billing: The Working Capital Lines will be billed monthly on the 20th of the month.  Interest only payments will be required on the Working Capital Lines.  A thirty day “clean-up” period will be required during the period (“75 day window”) beginning December 1 and ending February 15 of the succeeding year.  January 16th would be last day to meet the 30 day Clean-up period.  The interest rate charged to borrowers will include the Crown MAC cost of funds plus a fixed spread of 175 to 570 basis points, depending on credit qualification.

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Prepayments: A borrower may prepay their Line in increments of at least $2,500 or the remaining balance outstanding.  Further, a borrower may prepay as often as desired on any business day but only by a wire transfer initiated through their local bank. 

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If you have any questions, please feel free to call 1-800-216-2622.

 

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