New Jersey-based importer of gift tea packages with $22 million in annual sales.
The sixty-five-year-old company had historically been self-funded. The importer began to purchase inventory from a new overseas supplier which offered lower prices and higher quality, but could not grant credit terms.
The client needed financing to afford upfront payments for orders and shipping costs, and prepare for seasonal peaks.
Prestige provided a $750,000 factoring line which allowed the client to pay suppliers upon receipt of product, and has increased profitability and sales volume.
400 Kelby St., 10th Floor
Fort Lee, NJ 07024