$ 500,000| Factoring | New York
$ 500,000| Factoring | New York
Client:
An 11 year old artisanal pickle company
Situation:
The client was seeking additional capital when its bank could not increase its credit facility.
Need:
The bank contacted Prestige to work together to increase the line by providing a carve out of receivables so that Prestige could provide additional cash to the company during their growth period.
Solution:
Within 10 days Prestige and the bank signed an intercreditor agreement, allowing the client to utilize Prestige’s financing in addition to the bank’s facility and keep the orders flowing. Additionally, Prestige provided a factor’s assurance letter to their co-packer so that they would get paid directly by Prestige in order to continue to increase their available credit line with their co-packer as their orders continued to grow.
