$ 750,000| Factoring| East Coast
$ 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.
