FORT LEE, NJ (NOV 2022) — This innovative CBD company needed growth capital but since most banks are unable to fund this industry, they started to explore alternative solutions. The company was working with a few large retailers but couldn’t get the funding needed in order to pay vendors timely and keep up with the growing demand for high-quality CBD products in today’s market.
Since Prestige is one of the few invoice finance companies with the capacity to support this industry, they were excited to have found a partner that could provide a solution.
“As the CBD market has gained mainstream popularity, our sales have grown exponentially and we needed a partner who was able to support our growing demand. We’ve been in the business for decades so access to funds that allow us to continue adding products to the market is imperative,” says the client.
Prestige provided a $1,000,000 credit line to help with their vision.
“This deal was really exciting,” said, Rachel Hersh, Sales Director North America. “Since most banks don’t fund CBD companies, Prestige became the only option for them to obtain the funds they needed. By providing capital, they were able to fill store shelves with their wellness product that helps so many on their path to wellness.”
Now this seasoned CBD company can continue discovering ways to keep people healthy with what nature already provided.
About Prestige Capital:
Since 1985, Prestige Capital has been helping Early Stage and Mid-Size companies grow or turn around their businesses by providing more than $4 billion in funding, by converting accounts receivable into immediate working capital. Prestige Capital continues to help companies that do not qualify for traditional bank financing or who need financing faster than a bank’s lengthy underwriting process allows.