ANAHEIM,Calif.—Furniture,electronics and appliance buying group BrandSource has formed an alliance with the National Home Furnishings Assn.to provide NHFA members and its affiliates with inventory financing services.
BrandSource Financial,a wholesale finance company,will provide central billing services for retailers purchasing products from a list of approved home furnishing suppliers.Under the free program,manufacturers will be guaranteed payment in a designated time with extended repayment terms.There also are options for dealers to receive early payment discounts.
If a qualified NHFA member finances$100,000 or more in inventory annually,it will receive an annual rebate of 10 basis points off the amount they are financing,in addition to the early-pay discount,said Karin Mayfield,the NHFA's senior director of membership and member services.
"This gives NHFA members one more valuable financial program to help them be more competitive and save money,"she added.
Steve DeHaan,NHFA executive vice president,called the new service,"a terrific opportunity for all NHFA members and affiliates,and it's mutually beneficial to both vendors and retailers."
He added,"Even though we're in the early stages of implementation,feedback from the retail community has been overwhelmingly positive."
The plan also is open to NHFA affiliates,including Western Home Furnishings Assn.,Southeastern Home Furnishings Assn.and Southern Home Furnishings Assn.
BrandSource CEO Bob Lawrence said the group is please to be able to provided NHFA members the"highly competitive inventory financing services."
NHFA has about 2,000 members with nearly 5,000 stores.The member-owned BrandSource has nearly 4,500 furniture,electronics and appliance dealer members in North America,including those operating nearly 3,000 BrandSource branded stores.
