Consumer Product Company
Consumer Products Company
Consumer ProductsNew York
Situation: This 30 year old company needed to pay off their bank due to a breach of financial covenants.
Need: Client needed to move quickly to pay off their bank line before year end. Their bank line included both accounts receivable and inventory.
Solution: Prestige brought in an inventory lender to partner with, enabling a combined facility to have sufficient cash to pay off the bank. Within two weeks, the financing was provided to pay off the bank within their expected payoff date allowing the company to continue with their turnaround plan.