U.S. Subsidiary of German carton manufacturer with $5 million in annual sales.
The ten-year-old subsidiary was historically funded by its foreign parent company. Due to the global banking environment, the parent company made an abrupt decision to stop supporting the U.S. subsidiary. As a result, the subsidiary faced closure if it could not secure financing.
The subsidiary needed immediate stand-alone financing to provide for its ongoing capital needs.
Within four days, Prestige purchased and funded $300,000 in receivables which prevented a disruption in operations and preserved jobs. Without this funding, the subsidiary probably would have closed.
400 Kelby St., 10th Floor
Fort Lee, NJ 07024