NEW JERSEY (May 19, 2020) – Prestige Capital Finance, LLC is pleased to announce the closing of a $2,500,000 factoring arrangement for a Florida – based designer and distributor of vascular tubing, catheters and pediatric intravenous kits for sale to institutional medical concerns.
The company was tasked by a state agency customer with sourcing FDA-approved masks for distribution to hospitals. Having confirmed the ability to fulfill the request, the company received a 12 million mask order from its customer with a narrow delivery window. Securing mask production with a deposit, the company was in need of a quick working capital solution to assure funding for the balance of the program. Originally turned down by an institutional asset-based lender due to concentration issues and the need for a very quick turnaround, the transaction was referred to Prestige Capital.
After a consultation with the owner and quickly confirming the existence of the mask program, the Prestige Team was able to structure, underwrite, and fund the $2,500,000 factoring arrangement within 6 business days. The availability of funds provided by Prestige will not only allow the client ample working capital to complete the program but will also enable the company to pursue additional, similar opportunities.
About Prestige Capital
For over 34 years, Prestige Capital has helped nearly one thousand Early Stage and Mid-Size companies grow or turn around their businesses by providing more than $4 billion in cash advances, converting accounts receivable into immediate working capital. Visit www.prestigecapital.com or call 877-944-4455 to learn more.