BRIDGE FUNDING CLIENTS
Washington Personnel Agency
Client: Washington Personnel Agency
Situation: Company was young and did not have an extensive credit history. Although the customer had a line of credit, the bank was unable to increase their current credit line to finance their growth.
Need: Company was not able to raise enough capital to fund their payroll. They needed a rapid solution to obtain access to a significant amount of funds in order to finance their rapid growth.
Solution: Prestige Capital was able to step in and provide a credit line, which was significantly larger than what their bank was willing to provide.
Client: Northeast Staffing Agency acquiring another entity in the same industry.
Situation: Client was seeking acquisition financing and had been working with an asset based lender to finance the acquisition. The proposed asset based lender was procrastinating and the client was at risk of losing the opportunity to acquire the target company.
Need: Client needed financing in less than two weeks in order to keep the deal alive until they could close an asset based loan at a later date.
Solution: Within two weeks, Prestige was able to provide the financing needed to acquire the company and structured a bridge facility allowing client to graduate to ABL in 3 months.
Client: West Coast-based vitamin manufacturer with $15 million in annual sales.
Situation: The company was in the process of being sold to a new ownership group.
Need: The seller needed bridge funding until the sale was finalized. During the interim period, Prestige management worked with both the seller and buyer to support their efforts to bring the sale to a successful conclusion.
Solution: The buyer was so pleased with Prestige’s way of doing business that they signed up for an extension of Prestige’s contract and immediately filled $500,000 in back orders.
Importer of Household Goods
Client: New Jersey-based importer of household goods with $4 million in annual sales.
Situation: The three-year-old company had a strong backlog of orders but did not have adequate cash flow to purchase inventory to fulfill them. The importer applied for an SBA loan but was told that it would take some time to get approved.
Need: The client needed bridge funding to fill the gap until the SBA loan was approved.
Solution: Prestige provided bridge funding while client arranged for additional working capital with an SBA lender. The SBA loan funded additional assets, while Prestige continued to fund receivables to support daily working capital needs.
Consumer Products Company
Client: Midwest consumer products company with $20 million in annual sales.
Situation: The fifteen-year-old company’s lender was unable to provide a scheduled seasonal over advance due to issues with its own bank. The client was at risk of losing $5 million in sales.
Need: The client was seeking immediate funding to fulfill its orders.
Solution: Within seven business days, Prestige was able to negotiate an intercreditor agreement (carve out) with the bank to provide the client with the liquidity needed to meet its seasonal demands.