- Children’s apparel brand Peekaboo Beans (BEAN) has received a C$100,000 loan to fund the expansion of its COVID-19 mask program
- The company first launched a program selling locally made, non-medical masks in April of 2020
- Since then, PK Beans has sold 5,310 masks, resulting in around $56,500 of extra revenue for the company
- The company will pay back the loan on a monthly basis, with proceeds from the sale of masks
- Peekaboo Beans (BEAN) remains unchanged and is currently trading for four cents per share
Children’s apparel brand Peekaboo Beans (BEAN) has received a C$100,000 loan to fund the expansion of its COVID-19 mask program.
Earlier this year, when the COVID-19 pandemic first started impacting the world, PK Beans and countless other businesses had to close their brick-and-mortar stores. As they retreated online, many companies saw the opportunity to supplement their falling revenue with the production of protective face masks.
In April of 2020, PK Beans launched a program selling locally made, non-medical masks. These masks have predominantly been designed with the company’s child demographic in mind.
Since then, the company has worked with local partners and manufacturing partners overseas to provide customers with mask options which are safe and comfortable with kids in mind.
Thus far, PK Beans has sold 5,310 masks, resulting in $56,443 of extra revenue for the company. Since April 10, 2020, the mask program has accounted for 12.9 per cent of units sold, and 10 per cent of all orders.
This latest loan will allow PK Beans to further build out a six-month robust mask program, which will meet the strong demand for masks. The company has estimated that this will result in upwards of $750,000 in potential revenue.
Peekaboo Beans’ CEO, Traci Costa, commented on the progression of the company’s COVID-19 mask program.
“Here at PK Beans, we are always committed to giving back to our community and supporting families.
“We quickly saw a need to help keep our communities safe, and continue to support children and families by providing a non-medical mask that is comfortable to wear, just like our clothing.
“This loan will help facilitate a short-term supply and demand for masks in the marketplace while we continue to grow the core business through our omni channel,” she said.
The company will pay back the $100,000 loan on a monthly basis, using the proceeds from the sale of masks.
Peekaboo Beans (BEAN) remains unchanged, and is trading for four cents per share, as of 9:59am EDT.