RefinancingWhen a company enters or exits a growth stage, is experiencing financial or operational challenges, or has outgrown its current bank, it is likely time to secure replacement financing. Factoring is a very powerful financing tool and should be considered by business owners when going through periodic refinancing exercises.
Truck Repair and Restoration
FactoringUpstate New York
Client: Upstate New York truck repair and restoration company
Situation: Company was expanding rapidly but their bank would not expand their existing credit line
Need: A finance company to give them greater liquidity.
Solution: Prestige tripled their credit line so that they could pay off their existing bank and immediately facilitate growth.
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 and the nature of their billing 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; the appropriate firm for their needs. Prestige was able to replace their current factor, giving them access to greater liquidity by financing all of their receivables, including those that are billed in milestones.
Online Publisher and Experiential Brand
Client: NY based online publisher and experiential brand.
Situation: Their bank was no longer able to provide financing as their financials no longer supported the loan amount that they had.
Need: Cash flow to support their growth.
Solution: Prestige was able to finance their receivables and pay off their bank so that they could focus on their growth.
Architectural Metal and Glass Company
Client: NY based architectural metal and glass company.
Situation: The client’s orders were growing quickly and they were having difficulty with cash flow with their current bank line.
Need: A larger line to support their growth. Their banker recognized that by replacing their bank credit line with cash flow on their invoices, the client would be able to accept much larger contracts whose invoices would be financed by Prestige.
Solution: The client is now able to take on much larger orders. They are grateful that their banker recognized that Prestige’s program was a better fit for their rapid growth than traditional bank financing.
Client: NY based Perfume Distributor
Situation: The client had large invoices from Overstock.com
Need: Client needed to finance their invoices in order to pay suppliers so that they could continue to get product and grow their business. Their banker recognized that with invoice financing there is no cap on the volume that Prestige will finance therefore would be a perfect fit for their client who was getting inundated with large holiday orders.
Solution: The client’s business has grown quite rapidly as they were only limited by cash flow, not their ability to obtain large orders. This holiday season was their best yet!