BACK OFFICE SERVICES
Client: 21 year old window company located in New York
Situation: The company needed additional capital beyond their bank facility.
Need: The bank contacted Prestige to assist their client who had been with them for many years.
Solution: Within 5 business days, Prestige provided a $5 million dollar line to enable them to fill a backlog of orders and continue to operate their business. Additionally, Prestige provided a Factor’s Assurance letter to their supplier in order to enhance their timely payments to their suppliers and run their operation smoothly.
Client: A five year old electronics importer.
Situation: The client had insufficient cash flow to fill their orders.
Need: As a new entity of a larger conglomerate, this division did not have sufficient length of time in business to obtain a traditional bank facility.
Solution: Within 7 business days, Prestige provided a $500,000 line of credit to fill their backlog of orders. In addition, they added two other related companies that also did not qualify for traditional bank financing. Prestige also secured a Factor’s Assurance letter to their supplier which guarantees payment to the supplier once an invoice is sold to Prestige.
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.
Bridal Wear Designer
Client: New York bridal wear design company.
Situation: 13 year old bridal wear designer obtained a large order from a major retailer for her fashion line.
Need: Client required financing on this one account in order to pay her supplier and all other factoring companies programs required her to sell all her receivables rather than just the receivable from the major retailer.
Solution: Prestige’s flexible finance program allowed the client to factor just this one account (also known as spot factoring) enabling her to continue to invoice and collect from all her other accounts directly. Prestige provided a $1 million dollar line in order to fund the large invoice within a week and allowed the client to maintain the control of her business that she was seeking.
Client: New York based paratransit company.
Situation: Client was factoring its receivables with another factor and needed a larger line that the current factor was not able to support.
Need: Client needed to double its existing factoring facility quickly to support two new contracts.
Solution: Prestige paid off the existing factoring line and provided liquidity and peace of mind as the client executed its new contracts.