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Programs
Design by Kevin Vong
Richard H. Driehaus Purchase Order Loan
This program has been designed for CHICAGO DESIGNERS/MANUFACTURERS that have obtained orders from credit worthy customers, but lack the working capital to produce the merchandise. This program allows companies to obtain financing through the Apparel Industry Board, Inc.
Due to the extreme generosity of Richard H. Driehaus, the Apparel Industry Board, Inc. (AIBI) and Mr. Driehaus have created a specialty-financing program (the only one of its kind) which assists Greater Chicago area designers and manufacturers.
Through this program, the Borrower is able to obtain financing at a lower rate than what is generally available.
The structure of the specialty-financing program is as follows: Potential Borrower first calls for and receives an application packet from AIBI. Upon completion, the application packet is returned to AIBI who will forward it to the bank with a copy(ies) of the purchase order(s) involved. The Purchase Orders are sent to Credit International for clearance. If the Potential Borrower meets the loan criteria and the orders prove to be credit worthy, the bank will move forward with their normal loan procedures.
If the application does not meet the criteria for a commercial loan, AIBIs Loan Review Committee will be contacted to determine if the Potential Borrower is a candidate for an AIBI guaranteed loan. If selected, the following are some terms the new Borrower must agree to:
Loan amount: 60% of the amount of the purchase order, not to exceed $50,000.00, nor to be less than $2,500.00.
Guarantor(s): Personal guarantee of Borrower to AIBI (in the case of default, Borrower is personally liable to Bank and/or AIBI for any outstanding balance due to any cause whatsoever, including but not limited to bankruptcies, charge-backs, defaults, mark-downs, etc. The Borrower must be a member of the Apparel Industry Board, Inc.
Please note: the above is the opening protocol for the Purchase Order Loan Program and in trying to meet the needs of our community, please be aware that there is new flexibility within the program.
For additional information please contact Marsha Brenner at (312) 836-1041.
