$ 750,000| Factoring | New Jersey
$ 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.
