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Importer of Household Goods

  • Importer of Household Goods

    $ 600,000

    Factoring

    New Jersey
    • Client: New Jersey-based importer of household goods with $4 million in annual sales.

    • Situation: The three-year-old company had a strong backlog of orders but did not have adequate cash flow to purchase inventory to fulfill them. The importer applied for an SBA loan but was told it would take a while to get approved.

    • Need: The client needed bridge financing to fill the gap until the SBA loan was approved.

    • Solution: Prestige provided bridge financing while client arranged for additional working capital with an SBA lender. The SBA loan funded additional assets, while Prestige continued to fund receivables to support daily working capital needs.