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.
Information Technology Company
Client: Texas-based Information technology company with $6 million in annual sales.
Situation: The five-year-old company obtained a $5.5 million three-year contract.
Need: The client needed immediate working capital to pay its overseas service subcontractor in a timely fashion.
Solution: Prestige quickly met with management at their Texas headquarters and funded over $1 million of accounts receivable within four business days.
Manufacturer of Thermal Backfill
Client: New England-based refrigeration and air conditioning service specialist with $4 million annual sales.
Situation: The twenty-year-old company’s existing lender could no longer support its rapid growth. The company was awarded two long term contracts which would almost double their revenue.
Need: The client needed a growth facility which would enable them to accept and support large orders.
Solution: The existing lender felt a strong loyalty to client and agreed to a structured payoff to expedite the closing and support the client’s needs. Within seven days, Prestige provided a factoring line which enabled client to transition seamlessly.
Refrigeration and A/C Services
Situation: The fifteen-year-old seasonal business had fluctuations in sales and cash flow throughout the year. A request for a line increase to provide additional working capital during peak periods was declined by their bank.
Need: The client needed flexible working capital financing to purchase inventory and hire seasonal personnel.
Solution: Within ten days from application, Prestige provided the client with a factoring facility which provided steady and predictable cash flow and met seasonal demands.
Perfume Packaging Company
Client: Long Island-based perfume packaging company with $5 million in annual sales.
Situation: The two-year-old business had a significant sales concentration which made it very difficult to obtain traditional bank financing. In addition, the company required purchase order financing to fulfill large perfume orders.
Need: : The client needed a financing partner who could structure a unique financing solution tailored to their specific needs.
Solution: Within one week from application, Prestige funded existing invoices to help the company pay for goods from their suppliers and simultaneously introduced them to a purchase order partner to help fund future purchase orders.
Importer of Household Goods
Client: New Jersey-based importer of household goods with $4 million in annual sales.
Situation: The three-year-old company had a strong backlog of orders but did not have adequate cash flow to purchase inventory to fulfill them. The importer applied for an SBA loan but was told it would take a while to get approved.
Need: The client needed bridge financing to fill the gap until the SBA loan was approved.
Solution: Prestige provided bridge financing while client arranged for additional working capital with an SBA lender. The SBA loan funded additional assets, while Prestige continued to fund receivables to support daily working capital needs.