Early Stage Financing
Entrepreneurs often lack the operating history necessary to raise capital to finance a business. Factoring is often used by startups to provide the capital necessary to get a business off the ground.
Technology / Manufacturer
Client: US subsidiary of an Israeli company which creates technology and manufactures a product for municipal contracts.
Situation: Client was seeking growth capital as their orders for this in-demand product were growing rapidly.
Need: Due to large purchase orders for their product in excess of 1 million dollars, they needed to find a finance company quickly that could fund large concentration accounts and keep their business moving forward without skipping a beat.
Solution: Their CPA, an investor in the company, reached out to his banker to see if anybody would finance US subsidiaries and concentration accounts. The banker made the introduction to Prestige who promptly financed this client and assisted in their rapid growth in the US.
Textile Designers & Manufacturers
Client: New Jersey Textile designers and manufacturers
Situation: Company needed financing to import materials to create, manufacture and sell to their large customer
Need: Both Purchase Order Financing and Accounts Receivable Financing to import raw materials for textile product manufacturing.
Solution: Prestige was able to arrange for a factor’s assurance letter to their key suppliers enabling them to import the goods that they needed to manufacture their product.
Manufacturers of Skin Care Products
Client: New York Skin care manufacturer
Situation: Company was experiencing a cash crunch due to extended terms with their largest customer.
Need: Cash flow to maintain operations
Solution: Prestige was able to factor their large receivable giving them the much-needed cash flow to service their customer base.
Food and Drug Manufacturer
Client: Food and drug manufacturer based in Upstate NY.
Situation: Client was receiving large orders to manufacture private label products for large distributors. They were unable to fill these orders without a financing partner.
Need: A credit facility to ensure that they would have availability to buy raw materials to create their product and fill their orders in a timely manner.
Solution: Within one week Prestige, was able to finance their invoices and seamlessly keep up with their growing pipeline.
Media and Branding Company
Client: New York based media and branding company.
Situation: The company bills their clients in installments under a contract. They had been financed by a factoring company who could not finance milestone billed receivables. Therefore, most of their invoices were deemed ineligible for funding.
Need: They needed an experienced factoring firm who understood their industry, the nature of their billing. One who could provide the financing that they needed in order to keep their cash flow steady.
Solution: Their banker was able to make an introduction to Prestige. Prestige was able to replace their current factor, giving them access to greater liquidity by financing all of their receivables, including those that were billed in milestones.