Challenge

As a smaller scale retailer with a seasonal business, it would have been difficult to structure a deal elsewhere.

Solution

Siena worked with Lovesac for more than four years, eventually increasing the line from $5 million to $7 million to help support the company’s growth.

Result

Lovesac was able to obtain traditional bank financing in 2017 and executed a successful IPO the following year.

When we first closed the deal in 2013, Lovesac was a private retailer experiencing significant growth. Couple that with the seasonal nature of the business and structuring a deal to support their needs was challenging. However, we were able to complete a deal with Lovesac and worked with the company for four years through all the challenges and accomplishments. Today, we are excited that Lovesac—the second deal in Siena’s history—has become a publicly traded company.

Scott Elliotto
Director – New Business Originations, Siena Lending Group