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.
400 Kelby St., 10th Floor
Fort Lee, NJ 07024