$ 3,000,000|Income Financing |Long Island
- Client: Long Island-based marble and tile importer with $10 million in annual sales.
- Situation: The twenty-year-old company had historically been self-funded. The importer experienced a cash flow crunch when its receivable turnover slowed to an unprecedented 60 days and its vendors required payment within 30 days.
- Need: The client needed a working capital line to close the accounts receivable/accounts payable gap and take advantage of trade discounts.
- Solution: Prestige provided $3 million in receivables funding. The company was no longer strained by the slow turnover of receivables and increased sales by 20% in three months.