Typically, as a company grows so does its need for financing. Companies need to have ready capital to take advantage of opportunities, whether organic growth or by acquisition. Factoring provides that peace of mind and reliable financing.
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.