A measure of both a company’s efficiency and its short-term financial health, working capital is the cash a business requires to fund day-to-day operations. At times, working capital constraints occur due to rapid growth, seasonality, delayed customer payments and other unexpected events. Factoring provides immediate access to cash for business owners.
Client: NY Lifestyle Magazine
Situation: Client sought immediate cash flow to continue running operations during their off season.
Need: Because of the seasonality of their business their financials made it extremely difficult to obtain bank financing.
Solution: As a factoring company, Prestige was able to finance their invoices even though they are seasonal by nature and was able to fund the client in two weeks, enabling them to make payroll and pay their printer.
Client: Appliance Recycling Company
Situation: Client’s lender was looking to exit their financing relationship as loan became too small.
Need: A lender to replace their bank who would provide working capital, flexibility and enough funds to pay off existing lender.
Solution: Prestige provided the pay off to their lender and funder their ongoing operations seamlessly.
Client: Georgia Accessory Company
Situation: This client received a large order to have his product featured in a subscription based delivery box.
Need: As this order was much larger than his typical volume, he sought liquidity in order to pay his supplier in a timely manner.
Solution: The client was able to sign on to Prestige’s program within a week and financed this single debtor account and paid his supplier promptly.
Client: Boston Technology Company
Situation: The client’s business was growing rapidly as his business is in the rapidly growing sector known as IoT (internet of things).
Need: As more and more restaurants were signing up for his services he found that his existing financing from his equity partner was insufficient for his fast growth.
Solution: By partnering with Prestige, he was able to keep cash flow steady and sign on new accounts at a rapid pace without seeking additional equity which would take time and energy during this fast paced sales cycle.
$ 250,000North Carolina
Client: NC Men’s Grooming Tool
Situation: This company saw sales sharply increase after exposure on a television program.
Need: The client needed liquidity to support their fast growth.
Solution: Within two weeks, the client financed their receivables, giving their factories comfort to continue to ship their rapidly growing volume.