GE Corporate Lending Provides $197 Million Asset-Based Credit Facility to Steve & Barry’s

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GE Commercial Finance Corporate Lending announced it provided a $197 million asset-based credit facility to Steve & Barry’s, a national apparel and accessories retailer. The loan will be used for ongoing working capital needs. GE Capital Markets arranged the transaction. 

From more than 250 stores across the U.S., Port Washington, New York-based Steve & Barry’s offers private label and licensed apparel for the whole family at bargain prices. Steve Shore and Barry Prevor founded the company in 1985 selling discounted college apparel to students from stores situated near U.S. universities. In recent years, the company has attracted new shoppers by creating exclusive collections with Sarah Jessica Parker, Venus Williams, Amanda Bynes, Stephon Marbury and others.

“With specialists in retail, GE quickly understood our growth plans and structured a loan tailored to meet our working capital needs,” Barry Prevor, co-founder and co-CEO of Steve & Barry’s, said in a statement. “GE’s access to capital and ability to make significant commitments also helped accelerate the financing process.”

“We’re dedicated to meeting the unique capital requirements of retailers,” said Jim Hogan, managing director of GE Corporate Lending's Retail group. “Providing smarter financing solutions to help retailers compete in an ever-changing environment is our focus.”