BACK OFFICE SERVICES
Manufacturer of Telephone Accessories
Client: New Jersey-based manufacturer of telephone accessories with $1million in annual sales.
Situation: The start-up was looking for an alternative to raising equity at the early stage of their business.
Need: The client needed working capital to pay overseas suppliers in a timely manner.
Solution: Prestige provided a $2.5 million factoring line of credit to meet the client’s initial needs and provide for ongoing growth.
Client: New York-based Microsoft software consultant with $4 million annual sales.
Situation: The six-year-old company was seeking to refinance its line when it became a victim of a bait and switch scenario by an unscrupulous lender. Shortly before loan closing the company learned that the lender’s actual terms varied drastically from the original proposal.
Need: The client was in need of immediate financing and wanted a lender they could trust.
Solution: Prestige provided a fast, simple and straightforward proposal and closed on a factoring facility within five business days.
Refrigeration and A/C Services
Client: New England-based refrigeration and air conditioning service specialist with $4 million annual sales.
Situation: The fifteen-year-old seasonal business had fluctuations in sales and cash flow throughout the year. A request for a line increase to provide additional working capital during peak periods was declined by their bank.
Need: The client needed flexible working capital financing to purchase inventory and hire seasonal personnel.
Solution: Within ten days from application, Prestige provided the client with a factoring facility which provided steady and predictable cash flow and met seasonal demands.
Perfume Packaging Company
Client: Long Island-based perfume packaging company with $5 million in annual sales.
Situation: The two-year-old business had a significant sales concentration which made it very difficult to obtain traditional bank financing. In addition, the company required purchase order financing to fulfill large perfume orders.
Need: : The client needed a financing partner who could structure a unique financing solution tailored to their specific needs.
Solution: Within one week from application, Prestige funded existing invoices to help the company pay for goods from their suppliers and simultaneously introduced them to a purchase order partner to help fund future purchase orders.
Client: New Jersey-based third generation ready-mix concrete company with $8 million in annual sales.
Situation: The company’s bank was taken over by the FDIC which resulted in their loss of an ongoing funding source. Without a line, the 11-year-old company was unable to pay its vendors and had to scale back operations.
Need: In order to repay its debt to the bank/FDIC and secure financing to resume normal business operations, the company needed a finance company that was sophisticated enough to negotiate with both the bank and the FDIC attorneys to close the deal.
Solution: After several months of bureaucratic negotiations, Prestige factored approximately $1 million in receivables, repaying the client’s debt and cleaning up its payables so that the company could return to normal operations.