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.
Manufacturers of Skin Care Products
Client: New York Skin care manufacturer
Situation: Company was experiencing a cash crunch due to extended terms with their largest customer.
Need: Cash flow to maintain operations
Solution: Prestige was able to factor their large receivable giving them the much-needed cash flow to service their customer base.
Food and Drug Manufacturer
Client: Food and drug manufacturer based in Upstate NY.
Situation: Client was receiving large orders to manufacture private label products for large distributors. They were unable to fill these orders without a financing partner.
Need: A credit facility to ensure that they would have availability to buy raw materials to create their product and fill their orders in a timely manner.
Solution: Within one week Prestige, was able to finance their invoices and seamlessly keep up with their growing pipeline.
Media and Branding Company
Client: New York based media and branding company.
Situation: The company bills their clients in installments under a contract. They had been financed by a factoring company who could not finance milestone billed receivables. Therefore, most of their invoices were deemed ineligible for funding.
Need: They needed an experienced factoring firm who understood their industry, the nature of their billing. One who could provide the financing that they needed in order to keep their cash flow steady.
Solution: Their banker was able to make an introduction to Prestige. Prestige was able to replace their current factor, giving them access to greater liquidity by financing all of their receivables, including those that were billed in milestones.
Manufacturer and Distributor of Swimming Pool Accessories
Client: Creator, manufacturer and distributor of innovative swimming pool accessories.
Situation: Client’s business was beginning to grow beyond his initial seed investment.
Need: Client was seeking purchase order financing and factoring to fill his orders which were growing in size.
Solution: His investment banker made an introduction to Prestige. Coordinating efforts with our Purchase Order finance partner, we were able to assist the client to fill his orders ensuring his continued steady growth.
Women’s Apparel Company
Client: Southeast based women’s apparel company.
Situation: This client had recently ended her partnership with one partner and was forming a new corporation with her overseas supplier.
Need: Client needed to have a financing partner to give comfort to her suppliers that she would have steady cash flow to pay for the product in a timely manner as well as have credit protection on her retail invoices.
Solution: Putting together a 1 million line for this client, Prestige was able to ensure that her business could scale up quickly and that Prestige’s credit department could monitor her retailer’s credit.