Importer of Gift Tea Packages
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Importer of Gift Tea Packages
$ 750,000
Factoring
New JerseyClient: 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.