Architectural Design Firm
Client: Connecticut-based architectural design firm with $10 million in annual sales.
Situation: The six-year-old firm obtained a large project to design an amusement park exhibit which was billed on a progress basis with extended terms
Need: The client needed immediate access to cash flow for payroll and overhead expenses.
Solution: Within four business days, Prestige creatively confirmed payment with the customer and subsequently funded the initial phase of the project. That funding allowed the project to continue seamlessly.
Product Repair Company
Client: Long Island-based consumer products repair company with $5 million in annual sales.
Situation: The eleven-year-old company was previously funded by a private investor but needed an immediate capital infusion as it was on the brink of insolvency. The client and its advisors were deciding whether to file for bankruptcy or restructure out of court. The client was introduced to Prestige by its attorney who knew that Prestige has long history of success in providing financing to companies in financial distress.
Need: The client’s preference was to avoid a costly bankruptcy and select a financing partner which could work with the company as it navigated its way back to profitability.
Solution: In less than one week, Prestige funded a $2 million line, reduced the client’s cost of financing, and helped the client avoid filing for bankruptcy.
Sustainable Building Systems
Client: NY-based sustainable building system company with $2 million in annual sales.
Situation: A three-year-old environmentally friendly company had experienced strong growth. Given its short history and inability to show strong financial performance, the company was unable to obtain traditional bank financing. Prestige was introduced to the client by a banker who was unable to provide a loan but wanted to provide banking services to the company.
Need: The client needed suitable financing to support its growth.
Solution: Within two weeks, Prestige funded the company’s current receivables with a $500,000 line and wired the funds to a new account opened at the bank that introduced Prestige to the client.
Client: New York-based hosiery manufacturer with $3 million in annual sales.
Situation: This ten-year-old company had an opportunity to accept a $10 million dollar order from a well-known retailer but lacked adequate financing.
Need: Unable to fund this larger order, the client secured purchase order financing. The purchase order financing firm, in turn, introduced the client to Prestige to factor the receivables in order to repay the purchase order financing.
Solution: In less than two weeks, both the purchase order and factoring facilities were in place, enabling the client to manufacture the goods and quadruple sales.
Nutritional Juice Company
Client: New York-based nutritional juice company.
Situation: Early stage venture looking for start-up financing.
Need: The client was seeking an alternative to equity funding to fulfill its initial orders from a big box retailer.
Solution: Prestige provided a $750,000 factoring line in less than seven business days which allowed the juice company to fulfill the orders and take advantage of new opportunities.