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’s 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 the 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-size 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.
Capital Can Help
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, hair care, 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.
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
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.
Prestige Capital Continues Expansion with the Addition of Larry Artman
Fort Lee, N.J. (July 10, 2019) – Prestige Capital Corp., a 35-year-old factoring firm based in Ft. Lee, NJ has hired Larry Artman of Marietta, Georgia, to join its team as Sales Director, Southeast. Mr. Artman has more than 35 years of experience in the financial services sector and will oversee the growth of Prestige Capital in the Southeast region, specifically Georgia, Alabama, Tennessee, Florida, and North and South Carolina. Mr. Artman will be based out of Atlanta, GA.
“We are very pleased to have Larry join our team. His passion, combined with his years of financial experience, is sure to be an asset to our business and our clients,” said Stuart Rosenthal, Prestige Capital’s President. “Having someone of Larry’s caliber represent us in the Southeast is critical to our continued growth. We are excited to expand our reach and help more companies take their businesses to the next level.”
Mr. Artman is a member of the Commercial Finance Association, Turnaround Management Association, and Risk Management Association in Atlanta, Florida, and Charlotte. As part of his day-to-day duties spanning many years, he has given numerous presentations for commercial banking groups, equity sponsors and CPAs. Before joining Prestige Capital, Mr. Artman was the Senior Vice President of Client Development at Celtic Capital Corporation. While there his responsibilities were to source, underwrite, negotiate and close asset-based lending transactions in the Southeastern US.
About Prestige Capital
Prestige Capital Corporation, founded in 1985, is a commercial finance company that specializes in factoring for early-stage and mid-size 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.
Congratulations! Prestige is Happy to See Our Clients Graduate
One of the most gratifying things about working in the asset-based lending industry is the ability to assist companies seeking financing rapidly.
By focusing on the receivables of a company, rather than the financials, we can onboard a client in a week. That speed helps clients solve cash flow needs across a range of financing situations. These include early-stage capital, growth capital, refinancing, turnaround and DIP financing.
Our program allows clients to “graduate” to more traditional financing when they are eligible. This year we are pleased to graduate the following companies, and we are proud to have been their partner as they continue to reach for their goals.