In 1982, George Jevremovic began importing and selling Turkish Rugs under the name of Woven Legends. Soon thereafter, he began to manufacture and import fine Turkish rugs. In 1996, he opened Material Culture. Today, the store is a 60,000 square feet mecca of rugs, unique furnishings and artifacts from the world over. It is a destination for designers, home owners and collectors. For more info, visit materialculture.com.
How did MultiFunding help Material Culture?
Material Culture needed to refinance its debts to accommodate a restructuring of the business. The company’s assets are inventory, which typically result in a higher interest rate, asset based loan. We introduced them to a regional bank that provided two conventional loans – a line of credit and a term loan. Through this arrangement, Material Culture refinanced its debts at low rates and secured some working capital.