BACK OFFICE SERVICES
Baby Food Manufacturer
Client: New York-based organic baby food manufacturer with $2 million in annual sales.
Situation: The three-year-old company was experiencing rapid growth due to large orders from big box retailers. The bank was unable to increase its small credit facility.
Need: The client needed additional cash flow to fulfill the orders and be able to take on new customer relationships.
Solution: Prestige paid off the bank and provided $250,000 in accounts receivable financing for their first assignment. Orders grew at a rapid pace, with no risk of having to turn down new orders due to a lack of cash flow. In less than a year, the client successfully refinanced their line with a low cost bank facility and grew their business more than tenfold.
Client: New York-based energy consultants with $3 million in annual sales.
Situation: The five-year-old company was experiencing slow payments from its customers causing cash flow issues.
Need: Sought working capital to support energy conservation program sponsored by Con Edison.
Solution: In three business days, Prestige was able to provide a $300,000 line.
Social Media Publisher
Client: New York-based social media publisher with $8 million in annual sales.
Situation: The four-year-old company was experiencing rapid growth due to the proliferation of social media across corporations.
Need: The client needed a flexible working capital facility to keep pace with increasing operating expenses.
Solution: In less than two weeks from initial inquiry, Prestige was able to provide a $3 million line to the publisher, thereby freeing the business owners to pursue new creditworthy business.
Client: Midwestern U.S. manufacturer with over $1 billion in annual sales.
Situation: The subsidiary’s parent company embarked on a major capital expenditure program, resulting in restrictions on intercompany advances.
Need: Although strong financially, the client needed working capital flexibility without creating debt.
Solution: Prestige purchased their receivables without recourse through a $30 million factoring line, so the client could access immediate cash. Since factoring is not considered a loan, the company assumed no debt on its balance sheet.
Creative Services Firm
Client: New York-based creative services firm with $2.5 million in annual sales.
Situation: The one-year-old company creates advertising jingles for airlines and other clients. It takes the firm 45 to 60 days to generate billable work and then an additional 45 days before payments are received. This lengthy cycle resulted in cash flow constraints for the firm.
Need: The client required working capital financing to support this growing business.
Solution: Prestige provide a $500,000 line which bridges the gap between invoicing and payment and supports daily working capital needs.