Working Capital2023-01-05T19:18:24+00:00

Working Capital

A measure of both a company’s efficiency and its short-term financial health, working capital is the cash a business requires to fund day-to-day operations. At times, working capital constraints occur due to rapid growth, seasonality, delayed customer payments and other unexpected events. Factoring provides immediate access to cash for business owners

HOSIERY MANUFACTURER

$ 2,750,000| Factoring | New York

Client:

New York-based hosiery manufacturer with $3 million in annual sales.

Situation:

This ten-year-old company had an opportunity to accept a $10 million dollar order from a well-known retailer but lacked adequate financing.

Need:

Unable to fund this larger order, the client secured purchase order financing. The purchase order financing firm, in turn, introduced the client to Prestige to factor the receivables in order to repay the purchase order financing.

Solution:

In less than two weeks, both the purchase order and factoring facilities were in place, enabling the client to manufacture the goods and quadruple sales.

NOVELTY PRODUCT MANUFACTURER

$ 2,250,000| Factoring | Massachusetts

Client:

Massachusetts-based Novelty Product Manufacturer.

Situation:

11-year-old company was being liquidated by its existing lender.

Need:

One of the company’s existing owners was seeking to acquire and re-start a profitable division of the company.

Solution:

Prestige provided financing to fund the acquisition of certain property of the liquidating estate from the lender and support future growth.

LIGHT MANUFACTURER

$ 1, 500,000| Factoring | U.S. Subsidiary

Client:

A light manufacturer, which was a domestic subsidiary of an insolvent foreign parent company.

Situation:

The foreign parent company defaulted on its loan obligation, and even though the subsidiaries were not parties to the loan agreement, they found themselves without a lender while the matter was being resolved.

Need:

The two U.S. subsidiaries needed stand-alone financing to fulfill a backlog of orders and provide ongoing working capital.

Solution:

Prestige worked diligently to provide a combined line of $1.5 million for the entities to meet payroll and operating expenses.

MANUFACTURER OF SPECIALTY VEHICLES

$ 500,000| Factoring | New Jersey

Client:

New Jersey-based manufacturer of specialty vehicles.

Situation:

The client was purchasing a fabricator of specialty vehicles from an Assignee for the Benefit of Creditors.

Need:

The acquisition process in an ABC matter can be complex due to the divergent interests of different stakeholder groups and the legal processes required to implement a transaction. The client needed a lender who had extensive situational experience and a track record of providing financing to companies in similar positions.

Solution:

Prestige provided a $500,000 factoring line of credit to support the acquisition. Prestige has long history of success in providing financing to companies in financial distress and helping clients navigate through the process quickly and efficiently.
Novelty Product Manufacturer.

AUTOMOTIVE PARTS MANUFACTURER

$ 40,000,000| Factoring | Midwest

Client:

Midwest automotive parts manufacturer.

Situation:

22-year-old manufacturer was in aggressive acquisition mode during the downturn in the automotive industry.

Need:

The client wanted to partner with a commercial finance source that could close complex leveraged buyouts in two weeks or less.

Solution:

Prestige was able to close and fund seven separate transactions totaling $40 million in combined facilities. Within nine months, the client graduated to an $80 million asset based lending facility.

CONSUMER PRODUCTS COMPANY

$ 1,350,000| Factoring | Midwest

Client:

Midwest consumer products company with $20 million in annual sales.

Situation:

The fifteen-year-old company’s lender was unable to provide a scheduled seasonal over advance due to issues with its own bank. The client was at risk of losing $5 million in sales.

Need:

The client was seeking immediate funding to fulfill its orders.

Solution:

Within seven business days, Prestige was able to negotiate an intercreditor agreement (carve out) with the bank to provide the client with the liquidity needed to meet its seasonal demands.

LIQUOR MANUFACTURER

$ 3,000,000| Factoring | East Coast

Client:

East Coast high-end branded liquor manufacturer.

Situation:

The start-up company, which was originally seeking equity financing, was introduced to Prestige by a bank seeking their non-lending business. The client had a 100% sales concentration account which made it very difficult to raise equity or obtain traditional bank financing. In addition, the client’s contract manufacturer was unable to provide terms due to a lack of payment history.

Need:

Based on forecasted sales to the customer, the client needed a $3 million line for working capital needs.

Solution:

After performing due diligence on the client’s customer, Prestige provided a $3 million factoring line, without diluting equity. Additionally, the referring bank obtained the banking relationship for the client. One and a half years later, the owner sold to a conglomerate for $30 million.

CARTON MANUFACTURER

$ 300,000| Factoring | New Jersey

Client:

U.S. Subsidiary of German carton manufacturer with $5 million in annual sales.

Situation:

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.

Need:

The subsidiary needed immediate stand-alone financing to provide for its ongoing capital needs.

Solution:

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.

MANUFACTURER OF TELEPHONE ACCESSORIES

$ 2,500,000| Factoring | New Jersey

Client:

New Jersey-based manufacturer of telephone accessories with $1million in annual sales.

Situation:

The start-up was looking for an alternative to raising equity at the early stage of their business.

Need:

The client needed working capital to pay overseas suppliers in a timely manner.

Solution:

Prestige provided a $2.5 million factoring line of credit to meet the client’s initial needs and provide for ongoing growth.

THERMAL BACKFILL COMPANY

$ 900,000| Factoring | New England

Client:

New England-based refrigeration and air conditioning service specialist with $4 million annual sales.

Situation:

The twenty-year-old company’s existing lender could no longer support its rapid growth. The company was awarded two long term contracts which would almost double their revenue.

Need:

The client needed a growth facility which would enable them to accept and support large orders.

Solution:

The existing lender felt a strong loyalty to client and agreed to a structured payoff to expedite the closing and support the client’s needs. Within seven days, Prestige provided a factoring line which enabled client to transition seamlessly.

CALL CENTER

$ 5,000,000| Factoring | Ontario, Ontario

Client:

Ontario, Canada-based call center with $50 million in annual sales.

Situation:

Ten-year-old call center was being acquired by a U.S. investor group.

Need:

The investors were seeking to leverage the receivables of the call center to complete the acquisition and provide ongoing working capital.

Solution:

In less than two weeks from the initial inquiry, Prestige provided a $5 million factoring line, allowing the buyers to complete the cross-border acquisition with a nominal equity investment.

SUSTAINABLE BUILDING SYSTEMS

$ 500,000| Factoring| New York, New York

Client:

NY-based sustainable building system company with $2 million in annual sales.

Situation:

A three-year-old environmentally friendly company had experienced strong growth. Given its short history and inability to show strong financial performance, the company was unable to obtain traditional bank financing. Prestige was introduced to the client by a banker who was unable to provide a loan but wanted to provide banking services to the company.

Need:

The client needed suitable financing to support its growth.

Solution:

Within two weeks, Prestige funded the company’s current receivables with a $500,000 line and wired the funds to a new account opened at the bank that introduced Prestige to the client.

CONSUMER PRODUCTS REPAIR COMPANY

$ 2,000,000| Factoring | Long Island, New York

Client:

Long Island-based consumer products repair company with $5 million in annual sales.

Situation:

The eleven-year-old company was previously funded by a private investor but needed an immediate capital infusion as it was on the brink of insolvency. The client and its advisors were deciding whether to file for bankruptcy or restructure out of court. The client was introduced to Prestige by its attorney who knew that Prestige has long history of success in providing financing to companies in financial distress.

Need:

The client’s preference was to avoid a costly bankruptcy and select a financing partner which could work with the company as it navigated its way back to profitability.

Solution:

In less than one week, Prestige funded a $2 million line, reduced the client’s cost of financing, and helped the client avoid filing for bankruptcy.

ARCHITECTURAL DESIGN FIRM

$ 1,000,000| Factoring| Connecticut

Client:

Connecticut-based architectural design firm with $10 million in annual sales.

Situation:

The six-year-old firm obtained a large project to design an amusement park exhibit which was billed on a progress basis with extended terms

Need:

The client needed immediate access to cash flow for payroll and overhead expenses.

Solution:

Within four business days, Prestige creatively confirmed payment with the customer and subsequently funded the initial phase of the project. That funding allowed the project to continue seamlessly.

CONSUMER ELECTRONICS COMPANY

$ 5,000,000| Factoring| Midwest

Client:

Midwest-based consumer electronics company with $75 million in annual sales.

Situation:

The bank for this eight-year-old seasonal business failed to close a new line of credit in a timely manner.

Need:

The client needed bridge financing to fill the gap until permanent financing could be obtained.

Solution:

Within five business days, Prestige provided a $5 million bridge facility to alleviate the timing pressure until the company’s bank could close the facility.

FLORIDA CALL CENTER

$ 1,000,000| Factoring| Florida

Client:

Florida-based call center with $15 million in annual sales.

Situation:

A re-start of a company lacked financing for working capital needs.

Need:

This fast-growing company was looking to keep its cash flow moving smoothly and did not want to dilute its ownership through equity financing.

Solution:

Prestige provided a $1 million dollar factoring line with a tiered pricing structure based on volume.

SNOW REMOVAL COMPANY

$ 750,000| Factoring| New Jersey

Client:

New Jersey-based snow removal company with $3 million in annual sales.

Situation:

Six-year-old business had outgrown its line of credit with a local bank.

Need:

The client needed a larger financing facility to support seasonal demands and accelerate cash flow.

Solution:

Prestige provided a $750,000 factoring line to solve the immediate cash flow crunch and provide for seasonal sales fluctuations.

REFRIGERATION AND AIR CONDITIONING SERVICE

$ 550,000| Factoring| New England

Client:

New England-based refrigeration and air conditioning service specialist with $4 million annual sales.

Situation:

The fifteen-year-old seasonal business had fluctuations in sales and cash flow throughout the year. A request for a line increase to provide additional working capital during peak periods was declined by their bank.

Need:

The client needed flexible working capital financing to purchase inventory and hire seasonal personnel.

Solution:

Within ten days from application, Prestige provided the client with a factoring facility which provided steady and predictable cash flow and met seasonal demands.

SOFTWARE CONSULTANT

$ 750,000| Factoring| New York

Client:

New York-based Microsoft software consultant with $4 million annual sales.

Situation:

The six-year-old company was seeking to refinance its line when it became a victim of a bait and switch scenario by an unscrupulous lender. Shortly before loan closing the company learned that the lender’s actual terms varied drastically from the original proposal.

Need:

The client was in need of immediate financing and wanted a lender they could trust.

Solution:

Prestige provided a fast, simple and straightforward proposal and closed on a factoring facility within five business days.

SECURITY GUARD COMPANY

$ 250,000| Factoring| New York

Client:

New York-based security guard company with $1 million in annual sales

Situation:

Two-year-old company faced a 45 day gap between invoicing and receiving payments from customers.

Need:

The client needed financing to make payroll, take on new customers and prepare for seasonal peaks.

Solution:

In less than three business days from application, Prestige funded their weekly payroll. The client is now able to bid on and secure additional large contracts with the confidence that payroll will always be met.

CREATIVE SERVICES FIRM

$ 500,000| Factoring| New York

Client:

New York-based creative services firm with $2.5 million in annual sales.

Situation:

The one-year-old company creates advertising jingles for airlines and other clients. It takes the firm 45 to 60 days to generate billable work and then an additional 45 days before payments are received. This lengthy cycle resulted in cash flow constraints for the firm.

Need:

The client required working capital financing to support this growing business.

Solution:

Prestige provide a $500,000 line which bridges the gap between invoicing and payment and supports daily working capital needs.

WINDOW COMPANY

$ 5,000,000| Factoring| New York

Client:

21 year old window company located in New York

Situation:

The company needed additional capital beyond their bank facility.

Need:

The bank contacted Prestige to assist their client who had been with them for many years.

Solution:

Within 5 business days, Prestige provided a $5 million dollar line to enable them to fill a backlog of orders and continue to operate their business. Additionally, Prestige provided a Factor’s Assurance letter to their supplier in order to enhance their timely payments to their suppliers and run their operation smoothly.

TELEVISION PRODUCTION COMPANY

$ 3,000,000| Factoring| New York

Client:

New York-based television production company.

Situation:

Client needed immediate working capital to support the production of a Super Bowl television ad.

Need:

Client needed to borrow on progress-billed invoices which historically are difficult to finance.

Solution:

Prestige provided a $3 million factoring facility within 10 days and helped the client obtain appropriate verifications and fund without an estoppel letter, in which a customer, or account debtor, promises that they will not offset future payments based on past client performance. Estoppel letters are required by most lenders and are sometimes difficult to obtain.

EAST COAST 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.

BULK MATERIAL HANDLING COMPANY

$ 2,000,000| Factoring| Midwest

Client:

Midwest bulk material handling company with $10 million in annual sales.

Situation:

Client was unhappy with their former factor who was not timely in funding assignments of invoices. The client asked his equipment lender for a referral to a new working capital provider.

Need:

Solution:

Prestige provided a $2 million factoring facility to pay off the former factor within six days, and together with the equipment lender, worked out a collateral sharing agreement which gave the client greater borrowing power.

TECHNOLOGY STAFFING COMPANY

$ 500,000| Factoring| New Jersey

Client:

New Jersey-based technology staffing company.

Situation:

The three-month old company was experiencing working capital constraints due to customers stretching their payments to more than 45 days.

Need:

The client needed working capital to meet payroll and related tax expense and had a payroll that was quickly coming due.

Solution:

Within three business days, Prestige provided a $500,000 factoring line of credit which enabled the client to meet their payroll expense and provided ongoing working capital.

CONSTRUCTION CLEAN UP COMPANY

$ 1,000,000| Factoring| New York

Client:

NY based construction clean up company.

Situation:

The client was experiencing cash flow issues because of slow paying customers. Their banker could no longer continue covering their overdrafts therefore they referred the client to Prestige.

Need:

Steady cash flow to make their payroll without interruption.

Solution:

Prestige was able to provide immediate financing on their invoices to smooth out their cash flow which allowed them to take on additional clients and grow their business rapidly.

ONLINE PUBLISHER AND EXPERIENTIAL BRAND

$ 500,000| Factoring| New York

Client:

NY based online publisher and experiential brand.

Situation:

Their bank was no longer able to provide financing as their financials no longer supported the loan amount that they had.

Need:

Cash flow to support their growth.

Solution:

Prestige was able to finance their receivables and pay off their bank so that they could focus on their growth.

MEDIA AND BRANDING COMPANY

$ 750,000| Factoring| New York

Client:

New York based media and branding company.

Situation:

The company bills their clients in installments under a contract. They had been financed by a factoring company who could not finance milestone billed receivables. Therefore, most of their invoices were deemed ineligible for funding.

Need:

They needed an experienced factoring firm who understood their industry, the nature of their billing. One who could provide the financing that they needed in order to keep their cash flow steady.

Solution:

Their banker was able to make an introduction to Prestige. Prestige was able to replace their current factor, giving them access to greater liquidity by financing all of their receivables, including those that were billed in milestones.

STAFFING INDUSTRY

$ 10,000,000| Factoring| Northeast

Client:

Northeast Staffing Agency acquiring another entity in the same industry.

Situation:

Client was seeking acquisition financing and had been working with an asset based lender to finance the acquisition. The proposed asset based lender was procrastinating and the client was at risk of losing the opportunity to acquire the target company.

Need:

Client needed financing in less than two weeks in order to keep the deal alive until they could close an asset based loan at a later date.

Solution:

Within two weeks, Prestige was able to provide the financing needed to acquire the company and structured a bridge facility allowing client to graduate to ABL in 3 months.

TRUCK REPAIR AND RESTORATION

$ 2,000,000| Factoring| Upstate New York

Client:

Upstate New York truck repair and restoration company

Situation:

Company was expanding rapidly but their bank would not expand their existing credit line

Need:

A finance company to give them greater liquidity.

Solution:

Prestige tripled their credit line so that they had the ability to pay off their existing bank and immediately facilitate growth.

DIGITAL MEDIA PRODUCTS AND SERVICES

$ 475,000| Factoring| New Jersey

Client:

New Jersey Digital media products and services

Situation:

Recently spun off from a larger corporation, this employee owned company was required to pay off a large note to the parent company.

Need:

Cash flow to pay off debt and support growth

Solution:

Prestige was able to provide much-needed cash flow by financing their accounts receivables, this enabled them to service their customers and pay off their note to the parent company.

TRADE MAGAZINE

$ 1,000,000| Factoring| New York

Client:

Trade Magazine

Situation:

Former client sold a division of their company allowing them to operate without a working capital facility.

Need:

Within a year, they found themselves in a cash crunch again.

Solution:

Since they had enjoyed their flexible financing relationship with Prestige Capital they seamlessly returned and immediately improved their cash flow once again.

JANITORIAL MAINTENANCE

$ 5,000,000| Service Providers| New Jersey

Client:

Janitorial Maintenance

Situation:

A turnaround advisor who had previously worked for a client of Prestige Capital was hired by a bankruptcy trustee to assist in obtaining Debtor in Possession (DIP) financing for this 7 entity holding company.

Need:

These companies had been self-funded. However, needed relief and financing due to a large federal tax lien.

Solution:

Within 5 business days, Prestige Capital provided the DIP financing needed to keep the company operational while developing its plan of reorganization.

STAFFING COMPANY

$ 4,000,000| Service Provider| Southeast

Client:

Staffing Company

Situation:

An investment banker approached Prestige after two lenders couldn’t close the deal in a timely manner. The seller became impatient and gave the buyer a deadline.

Need:

Immediate financing to close the deal before the seller walked away from the transaction.

Solution:

In a week, Prestige Capital did a field exam and closed the deal, preserving the deal and the client’s dignity.

MIDWESTERN US MANUFACTURER

$ 30,000,000| Factoring | Midwest

Client:

Midwestern U.S. manufacturer with over $1 billion in annual sales.

Situation:

The subsidiary’s parent company embarked on a major capital expenditure program, resulting in restrictions on intercompany advances.

Need:

Although strong financially, the client needed working capital flexibility without creating debt.

Solution:

Prestige purchased their receivables without recourse through a $30 million factoring line, so the client could access immediate cash. Since factoring is not considered a loan, the company assumed no debt on its balance sheet.

ORGANIC BABY FOOD MANUFACTURER

$ 250,000| Factoring | New York

Client:

New York-based organic baby food manufacturer with $2 million in annual sales.

Situation:

The three-year-old company was experiencing rapid growth due to large orders from big box retailers. The bank was unable to increase its small credit facility.

Need:

The client needed additional cash flow to fulfill the orders and be able to take on new customer relationships.

Solution:

Prestige paid off the bank and provided $250,000 in accounts receivable financing for their first assignment. Orders grew at a rapid pace, with no risk of having to turn down new orders due to a lack of cash flow. In less than a year, the client successfully refinanced their line with a low cost bank facility and grew their business more than tenfold.

VITAMIN MANUFACTURER

$ 2,500,000| Factoring | West Coast

Client:

West Coast-based vitamin manufacturer with $15 million in annual sales.

Situation:

The company was in the process of being sold to a new ownership group.

Need:

The seller needed bridge funding until the sale was finalized. During the interim period, Prestige management worked with both the seller and buyer to support their efforts to bring the sale to a successful conclusion.

Solution:

The buyer was so pleased with Prestige’s way of doing business that they signed up for an extension of Prestige’s contract and immediately filled $500,000 in back orders.

BULK MATERIAL HANDLING COMPANY

$ 2,000,000| Factoring | Midwest

Client:

Midwest bulk material handling company with $10 million in annual sales.

Situation:

Client was unhappy with their former factor who was not timely in funding assignments of invoices. The client asked his equipment lender for a referral to a new working capital provider.

Need:

Solution:

Prestige provided a $2 million factoring facility to pay off the former factor within six days, and together with the equipment lender, worked out a collateral sharing agreement which gave the client greater borrowing power.

ARCHITECTURAL METAL AND GLASS COMPANY

$ 1,000,000| Factoring | New York

Client:

NY based architectural metal and glass company.

Situation:

The client’s orders were growing quickly and they were having difficulty with cash flow with their current bank line.

Need:

A larger line to support their growth. Their banker recognized that by replacing their bank credit line with cash flow on their invoices, the client would be able to accept much larger contracts whose invoices would be financed by Prestige.

Solution:

The client is now able to take on much larger orders. They are grateful that their banker recognized that Prestige’s program was a better fit for their rapid growth than traditional bank financing.

MANUFACTURER AND DISTRIBUTOR OF SWIMMING POOL ACCESSORIES

$ 750,000| Factoring | Southwest

Client:

Creator, manufacturer and distributor of innovative swimming pool accessories

Situation:

Client’s business was beginning to grow beyond his initial seed investment.

Need:

Client was seeking purchase order financing and factoring to fill his orders which were growing in size.

Solution:

His investment banker made an introduction to Prestige. Coordinating efforts with our Purchase Order finance partner, we were able to assist the client to fill his orders ensuring his continued steady growth.

APPLIANCE RECYCLING CENTER

$ 5,000,0000| Refinancing| Midwest

Client:

Appliance Recycling Center

Situation:

Company works with energy utilities to replace inefficient household appliances. In selling their most profitable division, they reduced their existing bank loan to a level that was below the bank’s desired minimum.

Need:

A facility to assist with working capital needs as they refocused their efforts on the utility side of their business.

Solution:

Prestige closed on financing the US Corporation additionally setting up an agreement to finance their Canadian subsidiary.

LIFESTYLE MAGAZINE

$ 1,500,000| Consumer Products| New York

Client:

Lifestyle Magazine

Situation:

This lifestyle magazine had gone through financial difficulties as the magazine industry has taken a downturn in recent years. Their bank no longer supported them and asked them to find a new lender. The lender that they had been negotiating with for the previous 45 days suddenly declined the financing.

Need:

A financial partner who would look beyond their financial statements and fund them based on their receivables which were strong and performing.

Solution:

After being introduced by an investment banker, Prestige Capital was able to relieve them of the stress caused by the other finance company and close the deal in a matter of days satisfying their bank’s payoff deadline.

FOOD AND DRUG MANUFACTURER

$ 500,000 | Factoring | Upstate NY

Client:

Food and drug manufacturer based in Upstate NY.

Situation:

Client was receiving large orders to manufacture private label products for large distributors. They were unable to fill these orders without a financing partner.

Need:

A credit facility to ensure that they would have availability to buy raw materials to create their product and fill their orders in a timely manner.

Solution:

Within one week Prestige, was able to finance their invoices and seamlessly keep up with their growing pipeline.

WASHINGTON PERSONNEL AGENCY

$ 2,000,000| Service Providers| Washington

Client:

Washington Personnel Agency

Situation:

Company was young and did not have an extensive credit history. Although the customer had a line of credit, the bank was unable to increase their current credit line to finance their growth.

Need:

Company was not able to raise enough capital to fund their payroll. They needed a rapid solution to obtain access to a significant amount of funds in order to finance their rapid growth.

Solution:

Prestige Capital was able to step in and provide a credit line, which was significantly larger than what their bank was willing to provide.

BOSTON TECHNOLOGY COMPANY

$ 300,000| Technology| Boston

Client:

Boston Technology Company

Situation:

The client’s business was growing rapidly as his business was in the rapidly growing sector known as IoT (internet of things).

Need:

As additional restaurants were signing up for the client’s services, the company realized that their existing financing was insufficient for such rapid growth.

Solution:

By partnering with Prestige Capital, he was able to keep cash flow steady and sign on new accounts at a rapid pace. This was done without seeking additional equity, which would have required substantial time and energy during this fast-paced sales cycle.

MINNESOTA RECYCLING COMPANY

$ 7,000,000| Service Providers| Minnesota

Client:

Minnesota Recycling Company

Situation:

Client’s lender was looking to exit their financing relationship as their loan became too small.

Need:

A lender to replace their bank who would provide working capital, flexibility and sufficient funds to pay off existing lender.

Solution:

Prestige Capital provided the pay off to their lender and funded their ongoing operations seamlessly.

CUSTOM MINTED COINS AND MEDALS

$ 1,000,000| Factoring | Nevada

Client:

Nevada Manufacturer of Custom minted coins and medals

Situation:

Company had just filed bankruptcy and needed funds to continue production.

Need:

Debtor in possession financing

Solution:

In less than a week, Prestige was able to fund the company’s accounts receivables while in chapter 11 bankruptcy so that they could fill their existing orders.

TECHNOLOGY / MANUFACTURER

$ 1, 500,000| Factoring | Northeast

Client:

US subsidiary of an Israeli company which creates technology and manufactures a product for municipal contracts.

Situation:

Client was seeking growth capital as their orders for this in-demand product were growing rapidly.

Need:

Due to large purchase orders for their product in excess of 1 million dollars, they needed to find a finance company quickly that could fund large concentration accounts and keep their business moving forward without skipping a beat.

Solution:

Their CPA, an investor in the company, reached out to his banker to see if anybody would finance US subsidiaries and concentration accounts. The banker made the introduction to Prestige who promptly financed this client and assisted in their rapid growth in the US.

NEW YORK LIFESTYLE MAGAZINE

$ 1,200,000| Service Providers| New York

Client:

New York Lifestyle Magazine

Situation:

Client sought immediate cash flow to continue operations during their off season.

Need:

Because of the seasonality of their business, their financials made it extremely difficult to obtain bank financing.

Solution:

As a factoring company, Prestige Capital was able to finance their invoices even though they were seasonal by nature. Prestige was able to fund the client in two weeks, enabling them to make payroll and pay their printer.

GEORGIA STAFFING COMPANY

$ 2,500,000| Service Providers| Georgia

Client:

Georgia Staffing Company

Situation:

After failing to complete the leverage buyout with an asset based lender, the client was at risk of losing the opportunity.

Need:

Client needed a funding partner who could close very quickly.

Solution:

Within 7 business days, Prestige provided the capital to close the transaction.

MARYLAND MULTI-CHANNEL MARKETING

$ 1,500,000| Service Provider| Maryland

Client:

Maryland Multi-Channel Marketing

Situation:

This marketing business was trying to sell a division. While seeking an alternate buyer, they needed cash flow during this influx stage of the business.

Need:

The turnaround firm handling this process introduced the client to Prestige for quick decision making.

Solution:

Within a week this division was funded giving the client breathing room to make an appropriate decision, while maintaining cash flow for operations.

MANUFACTURER OF RUGGED ELECTRONICS FOR INDUSTRIAL USE

$ 1,500,000| Factoring | Midwest

Client:

Manufacturer of Rugged Electronics for Industrial Use

Situation:

Large global manufacturer decided to sell off a small division based in the US.

Need:

Buyer needed nominal working capital for operations but needed available funds to assist them acquiring a US Subsidiary of a Hi-tech Electronic manufacturer and operate that business from its current offices.

Solution:

Even though a large concentration existed in the customer base, Prestige was able to fund all of their accounts receivable which not only provided the working capital to operate the business effectively but provided the additional capital needed to close the acquisition.

HI-TECH ELECTRONIC MANUFACTURER

$ 1,500,000| Factoring | Midwest

Client:

Hi-Tech Electronic Manufacturer

Situation:

Foreign-owned company had US presence, but no operational or support staff in the US.

Need:

Client sought acquisition financing to assist in the purchase of this entity and incorporate in the US.

Solution:

The combination of factoring the target’s A/R and the unencumbered A/R of one of their other holdings provided the necessary funds to complete the acquisition within two weeks of being introduced to the deal.

NEW JERSEY MANUFACTURING

$ 200,000| Factoring | New Jersey

Client:

New Jersey Manufacturing

Situation:

Company wanted a fast, simple credit line that was accessible when needed.

Need:

On occasion the customer experienced demand spikes. They needed a facility in place to handle an immediate need for capital.

Solution:

Prestige Capital’s flexibility allows for no minimum borrowing requirements, quick closing speed, and a nominal fee to close.

UTAH COMPUTER EQUIPMENT MANUFACTURER

$ 2,500,000| Factoring | Utah

Client:

Utah Computer Equipment Manufacturer

Situation:

Fortune 500 company selling a small division of their company who had a major concentration in one customer.

Need:

Buyer was looking for financing to supplement their limited equity contribution toward the purchase of business.

Solution:

With the assistance of their investment banker, Prestige Capital was willing and able to provide the needed leverage to finalize the sale.

WEST COAST CAMERA COMPANY

$ 5,000,000 | Factoring | West Coast

Client:

West Coast Camera Company

Situation:

US Subsidiary seeking financing as foreign parent was no longer willing nor able to support the subsidiary.

Need:

Working capital for growth.

Solution:

Prestige Capital was able to provide the capital and allow the subsidiary to finance their growth.

CANADIAN APPLIANCE RECYCLING

$ 2,000,000| Service Providers| Canada

Client:

Canadian Appliance Recycling

Situation:

This appliance recycling center is a division of a current client and was seeking working capital for their North American division.

Need:

The client had obtained large contracts and needed cash flow for operations.

Solution:

Within a week Prestige funded their receivables which enabled them to expand their program.

PENNSYLVANIA DATA ANALYTICS

$ Line Amount| Service Providers| Pennsylvania

Client:

Pennsylvania Data Analytics

Situation:

The company which had been funded by a bank was seeking to refinance their bank loan.

Need:

The bank that had funded them had exited this business sector and was seeking a finance firm to replace the bank’s current financing.

Solution:

Prestige quickly funded their receivables, paying off the bank in a timely manner.

LONG ISLAND TRANSPORTATION COMPANY

$ Line Amount| Service Providers| New York

Client:

Long Island Transportation Company

Situation:

Company was introduced by a turnaround firm due to an immediate cash need after losing their bank line.

Need:

Client needed cash in order to make their payroll in a timely manner.

Solution:

Within 10 days Prestige funded their AR and provided the financing they needed to make payroll and continue operations.

PENNSYLVANIA SOFTWARE AND E-LEARNING COMPANY

$ Line Amount| Service Providers| Pennsylvania

Client:

Pennsylvania Software and E-Learning Company

Situation:

Company was introduced to Prestige after they had experienced losses and needed to exit their current financing with the bank.

Need:

The bank needed to be paid off quickly before quarter end.

Solution:

Prestige worked closely with the bank’s workout team to insure the payoff was made with the bank’s requirement.

MANUFACTURER AND DISTRIBUTOR OF SWIMMING POOL ACCESSORIES

$ 750,000| Factoring | Southwest

Client:

Creator, manufacturer and distributor of innovative swimming pool accessories.

Situation:

Client’s business was beginning to grow beyond his initial seed investment.

Need:

Client was seeking purchase order financing and factoring to fill his orders which were growing in size.

Solution:

His investment banker made an introduction to Prestige. Coordinating efforts with our Purchase Order finance partner, we were able to assist the client to fill his orders ensuring his continued steady growth.

NUTRITIONAL JUICE COMPANY

$ 750,000| Factoring | New York

Client:

New York-based nutritional juice company.

Situation:

Early stage venture looking for start-up financing.

Need:

The client was seeking an alternative to equity funding to fulfill its initial orders from a big box retailer.

Solution:

Prestige provided a $750,000 factoring line in less than seven business days which allowed the juice company to fulfill the orders and take advantage of new opportunities.

HOSIERY MANUFACTURER

$ 2,750,000| Factoring | New York

Client:

New York-based hosiery manufacturer with $3 million in annual sales.

Situation:

This ten-year-old company had an opportunity to accept a $10 million dollar order from a well-known retailer but lacked adequate financing.

Need:

Unable to fund this larger order, the client secured purchase order financing. The purchase order financing firm, in turn, introduced the client to Prestige to factor the receivables in order to repay the purchase order financing.

Solution:

In less than two weeks, both the purchase order and factoring facilities were in place, enabling the client to manufacture the goods and quadruple sales.

CONSUMER PRODUCTS REPAIR COMPANY

$ 2,000,000| Factoring | Long Island

Client:

Long Island-based consumer products repair company with $5 million in annual sales.

Situation:

The eleven-year-old company was previously funded by a private investor but needed an immediate capital infusion as it was on the brink of insolvency. The client and its advisors were deciding whether to file for bankruptcy or restructure out of court. The client was introduced to Prestige by its attorney who knew that Prestige has long history of success in providing financing to companies in financial distress.

Need:

The client’s preference was to avoid a costly bankruptcy and select a financing partner which could work with the company as it navigated its way back to profitability.

Solution:

In less than one week, Prestige funded a $2 million line, reduced the client’s cost of financing, and helped the client avoid filing for bankruptcy.

CONSUMER ELECTRONICS COMPANY

$ 5,000,000| Factoring | Midwest

Client:

Midwest-based consumer electronics company with $75 million in annual sales.

Situation:

The bank for this eight-year-old seasonal business failed to close a new line of credit in a timely manner.

Need:

The client needed bridge financing to fill the gap until permanent financing could be obtained.

Solution:

Within five business days, Prestige provided a $5 million bridge facility to alleviate the timing pressure until the company’s bank could close the facility.

NOVELTY PRODUCT MANUFACTURER

$ 2,250,000| Factoring | Massachusetts

Client:

Massachusetts-based Novelty Product Manufacturer

Situation:

11-year-old company was being liquidated by its existing lender.

Need:

One of the company’s existing owners was seeking to acquire and re-start a profitable division of the company.

Solution:

Prestige provided financing to fund the acquisition of certain property of the liquidating estate from the lender and support future growth.

DENTAL HYGIENE INVENTOR

$ 1,000,000| Factoring | Florida

Client:

Florida-based dental hygiene inventor

Situation:

After many years of development, a start-up with an innovative product was successful in reaching an exclusive agreement with a large national retailer.

Need:

Due to the sales concentration risk, the client had difficulty obtaining traditional financing from a bank.

Solution:

Prestige provided a factoring facility of $1 million without restrictive covenants related to the sales concentration account.

LIGHT MANUFACTURER

$ 1,500,000| Factoring | U.S. Subsidiary

Client:

A light manufacturer, which was a domestic subsidiary of an insolvent foreign parent company.

Situation:

The foreign parent company defaulted on its loan obligation, and even though the subsidiaries were not parties to the loan agreement, they found themselves without a lender while the matter was being resolved.

Need:

The two U.S. subsidiaries needed stand-alone financing to fulfill a backlog of orders and provide ongoing working capital.

Solution:

Prestige worked diligently to provide a combined line of $1.5 million for the entities to meet payroll and operating expenses.

MANUFACTURER OF SPECIALTY VEHICLES

$ 500,000| Factoring | New Jersey

Client:

New Jersey-based manufacturer of specialty vehicles.

Situation:

The client was purchasing a fabricator of specialty vehicles from an Assignee for the Benefit of Creditors.

Need:

The acquisition process in an ABC matter can be complex due to the divergent interests of different stakeholder groups and the legal processes required to implement a transaction. The client needed a lender who had extensive situational experience and a track record of providing financing to companies in similar positions.

Solution:

Prestige provided a $500,000 factoring line of credit to support the acquisition. Prestige has long history of success in providing financing to companies in financial distress and helping clients navigate through the process quickly and efficiently.
Novelty Product Manufacturer.

AUTOMOTIVE PARTS MANUFACTURER

$ 40,000,000| Factoring | Midwest

Client:

Midwest automotive parts manufacturer

Situation:

22-year-old manufacturer was in aggressive acquisition mode during the downturn in the automotive industry.

Need:

The client wanted to partner with a commercial finance source that could close complex leveraged buyouts in two weeks or less.

Solution:

Prestige was able to close and fund seven separate transactions totaling $40 million in combined facilities. Within nine months, the client graduated to an $80 million asset based lending facility.

CONSUMER PRODUCTS COMPANY

$ 1,350,000| Factoring | Midwest

Client:

Midwest consumer products company with $20 million in annual sales

Situation:

The fifteen-year-old company’s lender was unable to provide a scheduled seasonal over advance due to issues with its own bank. The client was at risk of losing $5 million in sales.

Need:

he client was seeking immediate funding to fulfill its orders.

Solution:

Within seven business days, Prestige was able to negotiate an intercreditor agreement (carve out) with the bank to provide the client with the liquidity needed to meet its seasonal demands.

LIQUOR MANUFACTURER

$ 3,000,000| Factoring | East Coast

Client:

East Coast high-end branded liquor manufacturer

Situation:

The start-up company, which was originally seeking equity financing, was introduced to Prestige by a bank seeking their non-lending business. The client had a 100% sales concentration account which made it very difficult to raise equity or obtain traditional bank financing. In addition, the client’s contract manufacturer was unable to provide terms due to a lack of payment history.

Need:

Based on forecasted sales to the customer, the client needed a $3 million line for working capital needs.

Solution:

After performing due diligence on the client’s customer, Prestige provided a $3 million factoring line, without diluting equity. Additionally, the referring bank obtained the banking relationship for the client. One and a half years later, the owner sold to a conglomerate for $30 million.

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 that it would take some time to get approved.

Need:

The client needed bridge funding to fill the gap until the SBA loan was approved.

Solution:

Prestige provided bridge funding 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.

PERFUME PACKAGING COMPANY

$ 750,000| Factoring | Long Island

Client:

Long Island-based perfume packaging company with $5 million in annual sales.

Situation:

The two-year-old business had a significant sales concentration which made it very difficult to obtain traditional bank financing. In addition, the company required purchase order financing to fulfill large perfume orders.

Need:

The client needed a financing partner who could structure a unique financing solution tailored to their specific needs.

Solution:

Within one week from application, Prestige funded existing invoices to help the company pay for goods from their suppliers and simultaneously introduced them to a purchase order partner to help fund future purchase orders.

MANUFACTURER OF TELEPHONE ACCESSORIES

$ 2,500,000| Factoring | New Jersey

Client:

New Jersey-based manufacturer of telephone accessories with $1million in annual sales.

Situation:

The start-up was looking for an alternative to raising equity at the early stage of their business.

Need:

The client needed working capital to pay overseas suppliers in a timely manner.

Solution:

Prestige provided a $2.5 million factoring line of credit to meet the client’s initial needs and provide for ongoing growth.