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.
Importer of Men's Apparel
Client: New Jersey importer of men’s dress shirts.
Situation: Client was unable to keep up with pace of orders from large retailers and their bank was unable to extend a credit facility due to the lack of financial strength of the company.
Need: The client needed a growth facility to fill the orders from large retailers and continue to grow their business.
Solution: Prestige provided a $1 million dollar facility so that the client would be able to fill his backlog of orders and grow his business. He has since added another division and has obtained a line of $1 million for that entity as well.
Automotive Parts Manufacturer
Client: Midwest Automotive Parts Manufacturer
Situation: An automotive holding company was in aggressive acquisition mode in an attempt to take advantage of the downturn in the automotive industry.
Need: The client was looking to partner with a commercial finance source that could close complex leveraged buyouts in 2 weeks or less.
Solution: Prestige was able to close and fund seven separate transactions totaling $40 million in combined facilities. Within 6-9 months, the client graduated to an $80 million ABL facility.