FORT LEE, NJ (SEP 2022) — A Philadelphia-based nonprofit organization offering education programming throughout Greater Philadelphia since 1992 was in the market for a new funding source. Their most recent source of funding went through financial difficulties of its own and was purchased by another lender that didn’t feel comfortable working with nonprofit clients.
The organization’s executive director contacted Prestige and they were able to quickly find a solution to fund more than $2 million in open receivables and pay off the previous lender. “It’s always great to be able to help a company who’s making a difference in their community.”, says Stuart Rosenthal, President at Prestige Capital. “Knowing that invoice financing can be used to make a social impact is very rewarding.”
Prestige was able to pay off the existing lender with the proceeds from the first funding and move forward with a large enough facility to comfortably fund their expected growth. “We tend to have solutions for funding that others don’t offer,” says Christopher Foss, Direct Sales Manager at Prestige Capital. “I like the fact that we can support the growth of organizations that are making a difference.” Access to this funding allowed this nonprofit organization to grow. Now they can serve even more youth with their powerful mission.
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 who do not qualify for traditional bank financing or who need financing faster than a bank’s lengthy underwriting process allows.
To learn more, contact:
400 Kelby St., 10th Floor
Fort Lee, NJ 07024 USA
Toll free Phone: 877-944-4455