$ 500,000|Income Financing |Long Island
- Client: A five year old electronics importer.
- Situation: The client had insufficient cash flow to fill their orders.
- Need: As a new entity of a larger conglomerate, this division did not have sufficient length of time in business to obtain a traditional bank facility.
- Solution: Within 7 business days, Prestige provided a $500,000 line of credit to fill their backlog of orders. In addition, they added two other related companies that also did not qualify for traditional bank financing. Prestige also secured a Factor’s Assurance letter to their supplier which guarantees payment to the supplier once an invoice is sold to Prestige.