CREDIT PROTECTION SERVICES
Importer of Gift Tea Packages
Client: New Jersey-based importer of gift tea packages with $22 million in annual sales.
Situation: The sixty-five-year-old company had historically been self-funded. The importer began to purchase inventory from a new overseas supplier which offered lower prices and higher quality, but could not grant credit terms.
Need: The client needed financing to afford upfront payments for orders and shipping costs, and prepare for seasonal peaks.
Solution: Prestige provided a $750,000 factoring line which allowed the client to pay suppliers upon receipt of product, and has increased profitability and sales volume.
Security Guard Company
Client: New York-based security guard company with $1 million in annual sales
Situation: Two-year-old company faced a 45 day gap between invoicing and receiving payments from customers.
Need: The client needed financing to make payroll, take on new customers and prepare for seasonal peaks.
Solution: In less than three business days from application, Prestige funded their weekly payroll. The client is now able to bid on and secure additional large contracts with the confidence that payroll will always be met.
Marble and Tile Importer
Client: Long Island-based marble and tile importer with $10 million in annual sales.
Situation: The twenty-year-old company had historically been self-funded. The importer experienced a cash flow crunch when its receivable turnover slowed to an unprecedented 60 days and its vendors required payment within 30 days.
Need: The client needed a working capital line to close the accounts receivable/accounts payable gap and take advantage of trade discounts.
Solution: Prestige provided $3 million in receivables funding. The company was no longer strained by the slow turnover of receivables and increased sales by 20% in three months.
Information Technology Company
Client: Texas-based Information technology company with $6 million in annual sales.
Situation: The five-year-old company obtained a $5.5 million three-year contract.
Need: The client needed immediate working capital to pay its overseas service subcontractor in a timely fashion.
Solution: Prestige quickly met with management at their Texas headquarters and funded over $1 million of accounts receivable within four business days.
Manufacturer of Thermal Backfill
Client: New England-based refrigeration and air conditioning service specialist with $4 million annual sales.
Situation: The twenty-year-old company’s existing lender could no longer support its rapid growth. The company was awarded two long term contracts which would almost double their revenue.
Need: The client needed a growth facility which would enable them to accept and support large orders.
Solution: The existing lender felt a strong loyalty to client and agreed to a structured payoff to expedite the closing and support the client’s needs. Within seven days, Prestige provided a factoring line which enabled client to transition seamlessly.