Nova Products Inc. Secures $6.0 Million Line of Credit with Marquette Business Credit
Nova significantly lowers its cost of credit by moving from a non-bank financial company back to a commercial bank.
PORTLAND, Ore. - April 22, 2016 - PRLog -- Nova Products, Inc. is pleased to announce it has secured a $6,000,000 revolving line of credit for working capital with Marquette Business Credit, LLC, a subsidiary of UMB Bank, n.a. Based in Beaverton, Oregon, Nova imports and distributes exotic prefinished and unfinished hardwood flooring, exterior decking, Apitong truck trailer decking and hardwood kiln drying sticks from around the world.
During the past five years Nova has restructured from a vertically integrated company with a mix of retail and wholesale business units back to an importer and wholesaler. Nova imports directly from Indonesia, Malaysia, China, Brazil, Peru and Bolivia. With 15 inventory locations throughout the U.S. and buying operations in Brazil and Indonesia, Nova specializes in servicing manufacturers, wholesale distributors and retailers with a diverse mix of high quality tropical hardwood products.
According to Steve Getsiv, President of Nova, "Unwinding from retail operations was the key to putting the company back on solid ground. We look forward to a long and mutually beneficial relationship with Marquette. As an importer, we have longer lead times than typical wholesale distributors. Marquette has shown a keen ability to understand the dynamics of our international trading business and provides us with a flexible structure allowing us to maximize our potential as a company."
Nova Products Inc. - Steve Getsiv