East Coast Technology Company

  • Technology Company

    $ 750,000

    Factoring

    East Coast
    • Client: East Coast technology company with $10 million in annual sales.

    • Situation: Client sought cash flow to grow their business without diluting equity.

    • Need: Client pre-bills its customers one year in advance, however there can be a delay before the client receives payments from its customers. In the interim between invoicing customers and collecting cash receipts, the Company needed capital to fund daily operating expenses.

    • Solution: Prestige provided a $750,000 factoring facility within seven days and developed a confirmation letter for the client to provide to his customers which guaranteed payment of the invoices, thereby providing a workable solution for both Prestige and client.