Importer of Gift Tea Packages

• Importer of Gift Tea Packages

  $ 750,000

  Factoring

  New Jersey

  • 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.