Early Stage Financing
Entrepreneurs often lack the operating history necessary to raise capital to finance a business. Factoring is often used by startups to provide the capital necessary to get a business off the ground.
Los Angeles Skincare Company
$ Line Amount
Client: Los Angeles Skincare Company
Situation: Client obtained a large order with a subscription box company and didn’t have credit with her supplier.
Need: The domestic supplier recommended the client work with Prestige’s Factors Assurance payment program. The supplier had a previous customer who had done this and the supplier had been paid directly by Prestige out of the invoice advance in a timely manner.
Solution: Prestige was able to pay the supplier once the product was shipped to the customer enabling her to fulfill the order.
California Hair Care Product Company
$ Line Amount
Client: California Hair Care Product Company
Situation: Celebrity Hairstylist created a hair care product line and received a large order from a retailer.
Need: Client had approached their bank for a loan to assist in financing their supplier. The bank wasn’t able to assist as the company was too new.
Solution: The bank introduced them to Prestige. Prestige set up a Factor’s Assurance program with their domestic supplier in order to get their supplier funded as soon as the order shipped and the client submitted the invoice to Prestige. This created a great partnership and goodwill between the client and their supplier, allowing them to continue to expand their business and accept additional larger orders.
New Jersey Automotive Product
Consumer ProductsNew Jersey
Client: New Jersey Automotive Product
Situation: This entrepreneur created a new to market automotive product and was seeking capital to grow his business.
Need: The client had received a large order from a big box retailer and needed financing to pay his supplier in a timely manner.
Solution: Within a week Prestige funded his order enabling him to realize his vision of success bringing his new product to market.
Technology / Manufacturer
Client: US subsidiary of an Israeli company which creates technology and manufactures a product for municipal contracts.
Situation: Client was seeking growth capital as their orders for this in-demand product were growing rapidly.
Need: Due to large purchase orders for their product in excess of 1 million dollars, they needed to find a finance company quickly that could fund large concentration accounts and keep their business moving forward without skipping a beat.
Solution: Their CPA, an investor in the company, reached out to his banker to see if anybody would finance US subsidiaries and concentration accounts. The banker made the introduction to Prestige who promptly financed this client and assisted in their rapid growth in the US.
Textile Designers & Manufacturers
Client: New Jersey Textile designers and manufacturers
Situation: Company needed financing to import materials to create, manufacture and sell to their large customer
Need: Both Purchase Order Financing and Accounts Receivable Financing to import raw materials for textile product manufacturing.
Solution: Prestige was able to arrange for a factor’s assurance letter to their key suppliers enabling them to import the goods that they needed to manufacture their product.