At this time of year, as we reflect on all that we are thankful for, I extend my thanks to the community that I am a part of. I am fortunate to work in an industry that I love and to work with people that I respect and admire.
Colleagues and Friends
At a recent industry conference, it was so rewarding to be amongst people who view one another as friendly competitors and collaborators. Meeting with colleagues across North America, making new friends every year, and seeing old friends is a wonderful way to recognize that I am in an industry that is warm and welcoming.
Prestige Capital Team
I am grateful for the amazing team at Prestige Capital, who make my job easy, by using their combined 35 plus years of experience to run our firm with integrity and ease for our clients. Every client feels cared for and listened to. It is illustrated in the testimonials that clients gladly give us and the referrals we receive from them. This vote of confidence brings us great pride.
And I am incredibly appreciative of my referral partners, some of whom I now happily call friends. I have worked with many of you for 20 plus years in this industry and have enjoyed every moment of our friendship and partnership. The referrals that are sent have such warm introductions that potential clients feel connected to us even prior to the call.
I am especially thankful for my clients who have put their trust in us as they navigate the uncharted, and at times unpredictable, waters of growing a business. As the landscape of business has changed dramatically, especially in recent years, we have stayed on top of trends and we have become proficient in these newer industries that have evolved over the years, such as the technology sector and the subscription box space, and are always open to learning and exploring new and emerging businesses that seek our help.
You all make me look forward to each and every day, and for that, I am extremely grateful.
Wishing you a Happy Thanksgiving!
With appreciation and thanks, Rachel
Medium – 6th Avenue Capital – Sheroes of Alternative Financing
Supporting women business owners (WBO) is not only the right thing to do, but also makes good business sense. WBOs are a critical part of the economy and are growing at more than double the rate of all businesses. Yet, WBOs continue to face additional barriers when accessing funding to start and run their businesses. Women are less likely to seek financing for their businesses and tend to ask for less capital than men. When they apply for loans, WBOs are approved at lower rates than their male counterparts and oftentimes, receive smaller loan amounts, shorter loan terms, and higher interest rates. Despite these headwinds, women founded businesses deliver more than two times the revenue per dollar invested than those founded by men.
Prestige Capital Retains Midwest Sales Director
Fort Lee, N.J. (October 15, 2019) – Prestige Capital, a 34-year-old specialty finance company based in Ft. Lee, NJ recently hired Stacey Huddleston of Kansas City, Missouri to join its team as Sales Director, Midwest. Mr. Huddleston has almost two decades worth of experience in the financial services sector specifically in the Commercial & Industrial and asset based lending spheres. His new role at Prestige will be to oversee the growth of Prestige Capital in the Midwest region, specifically Kansas, Missouri, Oklahoma, and Texas. Mr. Huddleston will be based out of Kansas City, Missouri.
“Stacey brings years of experience and talent to our business,” said
Stuart Rosenthal, Prestige Capital’s President. “We, as well as our clients,
are lucky to have him on board as Prestige continues to grow and expand
Before joining Prestige Capital, Mr. Huddleston was the Senior Finance Relationship Manager at C2FO, a global Fintech company. While there his responsibilities were to provide asset-based lending solutions to support cash flow needs to growing B2B companies throughout the U.S.
Mr. Huddleston is a member of the Association for Corporate Growth (ACG) and has supported several nonprofit events including Bunker Labs KC, a national network of veteran entrepreneurs dedicated to helping new veteran entrepreneurs start their own businesses. He also speaks frequently to banking, business professionals, and high school students on various financial topics. Mr. Huddleston is a U.S. Army veteran and a graduate from Illinois State University and Baker University, where he earned his MBA.
About Prestige Capital
Prestige Capital, founded in 1985, is a commercial finance company that specializes in factoring for early-stage and mid-sized companies. They purchase invoices from a broad spectrum of businesses whose accounts receivable range from $100,000 to $25 million. Financing situations range from growth financing, refinancing, leverage buyouts, turnaround, and DIP financing. For decades, Prestige has been a leader in financing new industries such as artificial intelligence, innovative software, telecommunications, and energy conservation companies, as well as, traditional industries such as staffing, construction, consumer products, and many others. For more information about Prestige Capital, visit: https://www.prestigecapital.com or call 201-944-4455.
Out of the Box Financing Solutions for Subscription Box Success
How do you get your product in the hands of millions of people? Many of our recent clients have had the good fortune to have their product featured in one of the popular subscription boxes. The subscription box model has taken the world by storm and retailers have taken notice, providing their own boxes as well.
How do I finance my subscription box order?
As more and more young brands approach their banks seeking financing of their orders, they are being introduced to our firm for financing. Prestige is able to provide a Factor’s Assurance Program to domestic suppliers or can make an introduction to a Purchase Order Finance partner to fund overseas suppliers.
Some of the companies that we have helped include skincare, haircare, cosmetics, leisurewear, and accessories. Here are some testimonials from recent clients in the subscription space. We were able to help these brands at their crucial stage of rapid growth.
“Working with Prestige has been a lifesaver. We were able to work together with their team and their PO finance partner to pay our suppliers for our lipstick in order to stay on time with our delivery schedule to FabFitFun.”
– Linda, CEO and Founder, a cosmetic company.
“When we got a 4 million dollar order for our skincare line from BoxyCharm, we didn’t have substantial credit with our domestic supplier. Prestige was able to offer a factor’s assurance letter to our supplier in order to increase the amount of credit they would extend to us.”
– Sarah, CEO and Founder, skincare company.
“When we received a large order for our handbags from FabFitFun, we didn’t have enough credit with our overseas manufacturer. Prestige introduced us to their PO partner to open a Letter of Credit to ensure delivery within the timing needed. Prestige is a nimble partner, understanding the subscription box space.”
– David, CEO and Founder, handbag company.
By democratizing the field and allowing young brands to
enter using the financing that we offer, we are pleased to grow businesses
quite rapidly by providing liquidity when they need it the most. Additionally, replenishment orders are
shipped at full retail value to the customer. That is where the brand can
recoup their money.
With the significant rise in this sector and with no slow
down expected we at Prestige Capital are firsthand witnesses to the success of
Selling in the traditional retail market finance companies often have difficulty gauging advance rates as many retailers have onerous programs that create dilution of the receivable. The unpredictability of the dilution has made it difficult over the years to know what the final collection amount will be.
However, in selling direct to consumers through subscription
boxes there is no dilution, as consumers receive a box in the mail with samples
of new products and therefore the receivable is a much simpler one to finance.
Subscription model services offer little margin to the
manufacturer however, the tremendous exposure to the millions of subscribers of
each box offers tremendous marketing potential especially for young brands.
Richard Kestenbaum, Partner at Triangle Capital, LLC, expressed it this way, “Subscription is a new channel and there will certainly continue to be companies whose main business proposition is the subscription business. But there will be a broader array of companies that aren’t focused specifically on subscription that utilize it as one of several channels through which they reach consumers. We saw this happen in the catalog business when catalogs became popular. There were certainly companies that focused on selling only by catalog. But there was a greater number of companies that used the catalog business to supplement their other modes of reaching consumers.”
According to Forbes, nearly a decade after the first subscription box services hit the doorsteps of consumers; retailers are still working to get their heads around the significance of the industry’s rapid growth.
We are pleased to be a financing resource to brands as they
get exposure to millions of customers and grow their market share.
Larry Artman Speaks at Alternative Financing Forum
Prestige Capital’s Sales Director, Southeast, Larry Artman, recently participated in the “Alternative Finance Forum” presented by the Small Business Development Center, University of Georgia. Catering to small businesses or new start-ups in need of obtaining financing for their business, Larry discussed how traditional loans are not always available nor are they necessarily the best source of funds for all businesses.