Net 30, April 2026: I got the order. Now what?

My name is Mike Gelb. You may know me from Consumer VC, but I also run community growth at Bridge. I spend my days talking to founders, investors, brokers, and CFOs about the gap between the order they just landed and the capital it takes to ship it.

This newsletter is about closing that gap with real numbers, what we’re seeing in deals that actually work, and how it can help the cash crunch that comes for all brands in growth mode.

This month: what we’re hearing from founders, a breakdown of the capital stack for CPG, and some tools to help you get better financing options.

TLDR: What’s moving in CPG capital this month

1. From the desk: Founders landing bigger POs than ever are walking in with the same question: I got the order, now what? Order size is outpacing cash conversion cycles, and it’s forcing a capital-stack conversation most brands haven’t had yet.
2. The capital stack options for CPG: Equity, PO financing, ABL, MCA. Each one is a tool. Each one is built for a different job. Using the wrong one is how brands lose 30 points of equity solving a 60-day problem.
3. Deal close: $2M PO funded for World of EPI into Walmart. What that actually looked like.
   
   

Key observations

1. From the desk: “I got the order, now what?”

The single most common call I’ve taken this month starts the same way. Founder lands an order at a big retailer – bigger than anything they’ve had before – and the immediate reaction is equal parts celebration and panic. Then they open the purchase order, look at the quantity, multiply by unit COGS, compare to their bank balance, and the mood shifts.

They are excited. At the same time, they know they need to figure out their working capital cycle. A few patterns I’m seeing across those conversations:

• Order sizes are up, terms haven’t shifted. The wins our borrowers are booking in 2026 are meaningfully bigger than what they were getting 18 months ago – more SKUs, more doors, full chain vs. test market. But retailer payment terms have not gotten shorter to match. Net 30 is increasingly a tough to find. Net 45 is common. Net 60-90+ isn’t unusual. Solving that gap – between the size of what you’ve sold and when you see the cash – is their primary focus.
• Tariff whiplash is pushing inventory builds earlier. Brands that import any component are pulling inventory forward to hedge against the next round of changes. That means more cash locked up in WIP and finished goods for longer, at the exact moment retail is asking for more on-hand coverage.
• The Conversation Has Shifted. A year ago, the conversation was “can we get a line.” Now it’s “how do we architect the stack so we’re not raising equity every 18 months.” That’s a healthy shift and it’s where this newsletter spends most of its time.

2. The question I got ten times this month

What capital should I consider when I’m scaling in retail?

Let’s break down the options.

Equity

This is the default. And honestly, it’s not a crazy instinct – no covenants, no PGs, no UCCs, and a good investor brings more than just a check.

The problem: equity is your most expensive capital if you believe in what you’re building. Every point you sell today is worth a lot more if you execute. Equity is the right tool for long-term bets. Your next hire, a new facility, building out infrastructure. It was never meant to solve a cash-flow timing problem. If you rely on equity to fund growth, you’ll likely have to keep raising just to keep up – and every time you do, you own less of your company.

PO Financing

This is where it flips. PO financing is the only product in the stack that’s forward-looking. The underwriting is based on the order itself, not your balance sheet. If Walmart hands you a $1M order and you don’t have the liquidity to produce it, PO financing gets it done. You’re borrowing against a sale you’ve already made, and the repayment is tied to when you actually get paid. The structure fits the cycle.

That’s a fundamentally different kind of capital, and it’s why it’s the right product for brands chasing real growth.

Asset-Based Lending (ABL)

ABLs are present-looking by design. Your borrowing base is built on what your business has already done – your receivables, your trailing revenue, your inventory on hand. Sound familiar? It’s the same problem as equity – the capital you have access to never quite matches the size of the opportunity in front of you. The difference is you’re not giving up ownership. You’re just hitting a ceiling right when you need room to run.

Merchant Cash Advance (MCA)

The payment structure doesn’t align with the purchase order cycle, and that’s a fundamental problem. MCAs require daily or weekly repayments, which means you’re paying back the advance before you’ve even collected from your retailer. Retail payment terms typically run net 30 to net 60, sometimes longer. You’re cash-flowing two obligations at once – the cost of fulfillment and the repayment schedule – before a single dollar comes in from the order. That’s a structure built for a restaurant or a service business, not a brand waiting on a retailer payment.

My two cents, the verdict:

Equity dilutes you. ABLs cap you. MCAs bleed you before you’ve collected. PO financing is the only product built for where you’re going, not where you’ve been.

If you land a large order and you can’t fund it, that’s not a growth problem. That’s a capital structure problem.

Recent deal close

World of EPI secured $2M for their growth in Walmart

World of EPI was launching nationwide at Walmart and needed $2M to produce the order.

We got it done.

The structure: Underwriting was based on the Walmart PO itself, not the balance sheet, not a personal guarantee scaled to the brand’s net worth. Repayment tied to Walmart’s payment cycle. The brand kept its equity, shipped on time, and moved on to the next order.

This is what PO financing is actually for. The brand had the win. The capital structure let them keep it.

Tools you can use

(free, no login, actually useful)

Whether you’re a founder, a broker, or a fractional CFO, these are the three we built specifically for CPG:

1. Loan Payment Calculator – estimate monthly payments and total interest before you call anyone. → quickloan-calc.vercel.app/widget
2. AR Financing & Better CPG – analyze your revenue projections against what’s actually fundable against receivables. → quickloan-calc.vercel.app/widget

About Bridge

Bridge is a direct lender and Walmart’s official financing partner for suppliers. We focus on PO financing, AR financing, and growth capital for CPG brands scaling into major retail.

We closed and funded over $500M for CPG in 2025 and we only have one goal:

Making sure the capital stack never becomes the reason you lose the win. You can book a call with me here.

Where Bridge will be in May

Sweets & Snacks – May 19-21

• If you plan to go to Vegas for Sweets and Snacks, I’ll be there! It would be great to meet up – happy to buy you a cup of coffee.

Bridge Pantry Update

I’m based in LA. Bridge is in New York, which means I’m there often enough to have strong opinions about their pantry. I travel everywhere with Supergut to keep my appetite in check (I am, genuinely, a garbage disposal when it comes to food). So I’ve started quietly stocking their shelves slowly. They haven’t complained yet.

– Mike