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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 nationwide.”

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.  

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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 Prestige 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 this model.

Direct Sales Benefits

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.

Subscription Box Landscape

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.

Christopher George SUBTA (Subscription Trade Association) Chairman adds, “Subscription Boxes are the modern-day magazine, it offers brands a low-cost marketing tool that not only brings brand awareness but allows the consumer to discover and try the product.”

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.

To view photos of the event, click here.

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.

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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.

Referral Network

As such, we are referred opportunities from a myriad of referral partners who send clients to us who can benefit from our program’s unique philosophy. Simple. Fast. Straightforward. Flexible. 

Our Speed

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.

Client Graduation

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.