Dagne Dover co-founder Deepa Gandhi didn't want to spend the week of her wedding securing a business loan. But in the fall of 2017, she found herself doing exactly that. A third-party logistics company holding Dagne's inventory of ecofriendly handbags and backpacks had hit the business with an unexpected bill and had the ability to halt shipments if it didn't receive payment. Paying the bill would deplete Dagne's cash reserves, but not paying could have delayed delivery of customer orders.
Founded as a direct-to-consumer brand in New York City in 2013, Dagne Dover had a $1 million line of credit from asset-based lender Dwight Funding, but needed a supplemental loan to pay the bill. Gandhi called Dwight, which approved a new six-figure loan within 24 hours, allowing her to return to wedding preparations.
This story is from the November 2024 edition of Inc..
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