Creative Services Firm
Client: New York-based creative services firm with $2.5 million in annual sales.
Situation: The one-year-old company creates advertising jingles for airlines and other clients. It takes the firm 45 to 60 days to generate billable work and then an additional 45 days before payments are received. This lengthy cycle resulted in cash flow constraints for the firm.
Need: The client required working capital financing to support this growing business.
Solution: Prestige provide a $500,000 line which bridges the gap between invoicing and payment and supports daily working capital needs.
Importer of Gift Tea Packages
Client: New Jersey-based importer of gift tea packages with $22 million in annual sales.
Situation: The sixty-five-year-old company had historically been self-funded. The importer began to purchase inventory from a new overseas supplier which offered lower prices and higher quality, but could not grant credit terms.
Need: The client needed financing to afford upfront payments for orders and shipping costs, and prepare for seasonal peaks.
Solution: Prestige provided a $750,000 factoring line which allowed the client to pay suppliers upon receipt of product, and has increased profitability and sales volume.
Security Guard Company
Client: New York-based security guard company with $1 million in annual sales
Situation: Two-year-old company faced a 45 day gap between invoicing and receiving payments from customers.
Need: The client needed financing to make payroll, take on new customers and prepare for seasonal peaks.
Solution: In less than three business days from application, Prestige funded their weekly payroll. The client is now able to bid on and secure additional large contracts with the confidence that payroll will always be met.
Marble and Tile Importer
Client: Long Island-based marble and tile importer with $10 million in annual sales.
Situation: The twenty-year-old company had historically been self-funded. The importer experienced a cash flow crunch when its receivable turnover slowed to an unprecedented 60 days and its vendors required payment within 30 days.
Need: The client needed a working capital line to close the accounts receivable/accounts payable gap and take advantage of trade discounts.
Solution: Prestige provided $3 million in receivables funding. The company was no longer strained by the slow turnover of receivables and increased sales by 20% in three months.
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.