2nd Annual Networking and Stand-Up Comedy Night
Prestige Capital’s 2nd Annual Comedy Night at WeWork was a GREAT success! We had a packed room and everyone laughed the night away.
Upon arrival at WeWork, I was so pleased to see all the delicious food and great wine from Carmel Winery all set up beautifully, ready for our guests to enjoy.
As guests flowed in, people were excited to make new business connections and see old friends. Everyone enjoyed the delicious refreshments we provided while they mingled. And then, it was time to kick off the event!
I started the night out with a little background of my appreciation for WeWork’s warm atmosphere and appreciation to the 500 7th Ave. team for co-hosting the event. I then gave an overview of Prestige Capital’s services followed by a screening of our animation video of our services followed by a quiz and prizes and a raffle! Everyone enjoyed winning prizes especially the cool Prestige Capital light up umbrella! Then I turned it over to our talented and hilarious emcee.
This year, as last year, our emcee was Tyler Fischer from Colbert and Last Week Tonight with John Oliver! He sure knew how to rally a crowd!
Our guests loved Tyler’s warmth and energy and our comics were top notch. They included Matt Ruby, Mark Normand, Dina Hashem and the most hilarious Eman El Husseini. She literally had us in stitches!
Thanks to everyone who came out to enjoy the show, meet new people, and learn more about our capabilities and services. We hope you had a great time!
If you weren’t able to attend our 2nd Annual Comedy Night, be sure to view our videos from the night. To see what you missed, click here.
We look forward to seeing you at our 3rd Annual Comedy Night!
Rachel Hersh Interviewed on 77 WABC Radio’s “Mind Your Business”
I was thrilled to be interviewed on 77 WABC Radio’s “Mind Your Business” with Yitzchok Saftlas.
What did the host and I discuss?
A lot of people think that what we do here at Prestige Capital is too good to be true. But it’s not. We’re the real deal. We help businesses finance their orders and take their companies to the next level. I often liken us to an ATM machine. Why?
Most finance firms require that you sell all of your accounts receivable and sell them from the date that they are created. Our flexible finance program allows companies to pick and choose and sell whatever they need when they actually need cash flow. This is similar to an ATM machine. When you need cash, you put an invoice through to Prestige, and we finance it.
Prior to my interview, I was excited to be on this program as it is a dynamic interview which is heard by thousands of entrepreneurs. Working in this industry for over 20 years, I am in the front seat; seeing emerging industries, and providing capital to them. Many of our early-stage companies are now well-known brands and we are proud to be instrumental to their growth.
I arrived at the studio in New York and was thrilled to be in the iconic 77WABC radio studio. As a child, this was the station on our radio dial and to think that I would one day be featured on this station would have made my parents proud.
We recorded the interview and it went by so quickly! I really enjoyed my time with Yitzchok and the entire Mind Your Business team. And, it was a wonderful opportunity to showcase what we do here at Prestige.
If you missed my interview, please click here to give it a listen. Or you can watch the three-part video series of interviews by clicking here.
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Rachel Hersh Featured in The Secured Lender – Women in Commercial Finance Issue
I am proud to be featured in The Secured Lender Women in Commercial Finance Issue. It is an honor to be recognized alongside other successful women exemplifying excellence. Special thanks to the Commercial Finance Association for recognizing our contributions and achievements and to Harvey Kaminski and Stuart Rosenthal of Prestige Capital for supporting, encouraging and challenging me every day.
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Choosing Factoring for DIP Financing Explained
Working in the factoring industry prior to joining Prestige Capital, I had not been aware that one of the most important beneficiaries of accounts receivable financing are companies seeking to restructure in bankruptcy. Chapter 11 bankruptcy laws allow Debtor-in-Possession (“DIP”) financing in the discretion of a bankruptcy judge if he feels that such financing will stabilize cash flow and ultimately help the company file a Chapter 11 Plan and exit bankruptcy.
Harvey Kaminski (Co-Founder of Prestige Capital) Insight on DIP FInancing
The co-founder of Prestige Capital, Harvey Kaminski, is a bankruptcy attorney. When he formed Prestige Capital, he utilized his expertise in this area to assist companies needing immediate financing after they filed Chapter 11. One of the areas that can slow down DIP financing is satisfying the legal requirements of the Bankruptcy Code. Fortunately, Mr. Kaminski has extensive knowledge in this sector. Therefore, he is able to assist the debtor and facilitate DIP financing, without the need of additional outside counsel. His familiarity with the bankruptcy courts and attorneys involved in these cases, enables clients to obtain financing quickly so that they can continue to operate in bankruptcy without skipping a beat in their business operations. The sophistication of a lender is always important in understanding a client’s needs and the industry specificity of their invoices. However, in bankruptcy it is even more critical to have a comprehensive understanding of the process.
In our 34 year history, Prestige has been recognized as a leader in the DIP financing industry, able to close deals expeditiously. We are repeatedly called upon by attorneys, trustees and clients who seek our guidance through the bankruptcy process.
Here are some things to consider in choosing factoring for DIP financing:
- Factoring is easier to obtain than conventional financing since it uses accounts receivable as its main collateral.
- Factoring provides predictable cash flow by eliminating the uncertainty of when an invoice will be paid.
- Factoring provides the funds to pay vendors and employees ensuring the company can continue operations during the bankruptcy period.
- Companies that implement DIP financing solutions (such as factoring) have a greater chance of emerging from Chapter 11 bankruptcy.
- Factoring grows with your sales, providing capital as the company’s sales increase.
Here are examples of companies that Prestige Capital has factored in bankruptcy:
- Three related entities consisting of janitorial maintenance, security guard and landscape businesses. In these situations, we were called by a turnaround advisor who had previously worked with Prestige and was now retained by bankruptcy counsel. In the past, these companies had been self-funded. However, they sought Chapter 11 relief and financing due to a large federal tax lien. Within 10 business days, Prestige provided the DIP financing needed to keep the company operational thereafter allowing the companies to develop its plan of reorganization.
- A company that manufactured custom minted coins and metals filed Chapter 11 due to irregular cash flow and poor management. Thereafter, they sought DIP financing in order to fund continued production. Prestige was approached by the bankruptcy trustee, who was appointed by the Bankruptcy Court to facilitate the company’s reorganization and possible sale of the company. Ultimately, Prestige agreed to factor the company pursuant to a DIP Order of the Bankruptcy Court which allowed the company to fill existing orders.
Working with an experienced lender is a key to a success. I am glad that I am able to see firsthand how Prestige has helped companies turn around post-bankruptcy to grow and flourish.
EACC New York Newsletter – From Lingerie to Construction
The hazy days of summer were definitely not lazy. Prestige Capital worked on a broad range of deals in a wide spectrum of industries that reflects the state of business in 2016. There was a huge uptick in the technology and construction industries. Both have invoices that are paid based on milestone or progress billings.