Client: An 11 year old artisanal pickle company.
Situation: The client was seeking additional capital when its bank could not increase its credit facility.
Need: The bank contacted Prestige to work together to increase the line by providing a carve out of receivables so that Prestige could provide additional cash to the company during their growth period.
Solution: Within 10 days Prestige and the bank signed an intercreditor agreement, allowing the client to utilize Prestige's financing in addition to the bank's facility and keep the orders flowing. Additionally, Prestige provided a factor's assurance letter to their co-packer so that they would get paid directly by Prestige in order to continue to increase their available credit line with their co-packer as their orders continued to grow.
Bridal Wear Designer
Client: New York bridal wear design company.
Situation: 13 year old bridal wear designer obtained a large order from a major retailer for her fashion line.
Need: Client required financing on this one account in order to pay her supplier and all other factoring companies programs required her to sell all her receivables rather than just the receivable from the major retailer.
Solution: Prestige’s flexible finance program allowed the client to factor just this one account (also known as spot factoring) enabling her to continue to invoice and collect from all her other accounts directly. Prestige provided a $1 million dollar line in order to fund the large invoice within a week and allowed the client to maintain the control of her business that she was seeking.
Client: New York based paratransit company.
Situation: Client was factoring its receivables with another factor and needed a larger line that the current factor was not able to support.
Need: Client needed to double its existing factoring facility quickly to support two new contracts.
Solution: Prestige paid off the existing factoring line and provided liquidity and peace of mind as the client executed its new contracts.
Client: Virginia based trucking company.
Situation: This 7 year old company was growing quickly and needed its first line of credit to support its growth.
Need: The new government contract that they received required greater resources and equipment.
Solution: By providing this $500,000 line against receivables , client used the available cash to hire additional drivers and purchase two trucks to meet the contract’s demands.
School Bus Company
Client: New York City school bus company
Situation: This 25 year old company needed to pay off a bank line due to losses.
Need: Client needed to move quickly as school season was about to begin.
Solution: In 8 business days, Prestige provided a $2.4 million dollar line to pay off their bank enabling them to seamlessly execute under their contracts.