Working Capital
A measure of both a company’s efficiency and its short-term financial health, working capital is the cash a business requires to fund day-to-day operations. At times, working capital constraints occur due to rapid growth, seasonality, delayed customer payments and other unexpected events. Factoring provides immediate access to cash for business owners
HOSIERY MANUFACTURER
$ 2,750,000| Factoring | New York
$ 2,750,000| Factoring | New York
Client:
New York-based hosiery manufacturer with $3 million in annual sales.
Situation:
This ten-year-old company had an opportunity to accept a $10 million dollar order from a well-known retailer but lacked adequate financing.
Need:
Unable to fund this larger order, the client secured purchase order financing. The purchase order financing firm, in turn, introduced the client to Prestige to factor the receivables in order to repay the purchase order financing.
Solution:
In less than two weeks, both the purchase order and factoring facilities were in place, enabling the client to manufacture the goods and quadruple sales.
LIGHT MANUFACTURER
$ 1, 500,000| Factoring | U.S. Subsidiary
$ 1, 500,000| Factoring | U.S. Subsidiary
Client:
A light manufacturer, which was a domestic subsidiary of an insolvent foreign parent company.
Situation:
The foreign parent company defaulted on its loan obligation, and even though the subsidiaries were not parties to the loan agreement, they found themselves without a lender while the matter was being resolved.
Need:
The two U.S. subsidiaries needed stand-alone financing to fulfill a backlog of orders and provide ongoing working capital.
Solution:
Prestige worked diligently to provide a combined line of $1.5 million for the entities to meet payroll and operating expenses.
AUTOMOTIVE PARTS MANUFACTURER
$ 40,000,000| Factoring | Midwest
$ 40,000,000| Factoring | Midwest
Client:
Midwest automotive parts manufacturer.
Situation:
22-year-old manufacturer was in aggressive acquisition mode during the downturn in the automotive industry.
Need:
The client wanted to partner with a commercial finance source that could close complex leveraged buyouts in two weeks or less.
Solution:
Prestige was able to close and fund seven separate transactions totaling $40 million in combined facilities. Within nine months, the client graduated to an $80 million asset based lending facility.
LIQUOR MANUFACTURER
$ 3,000,000| Factoring | East Coast
$ 3,000,000| Factoring | East Coast
Client:
East Coast high-end branded liquor manufacturer.
Situation:
The start-up company, which was originally seeking equity financing, was introduced to Prestige by a bank seeking their non-lending business. The client had a 100% sales concentration account which made it very difficult to raise equity or obtain traditional bank financing. In addition, the client’s contract manufacturer was unable to provide terms due to a lack of payment history.
Need:
Based on forecasted sales to the customer, the client needed a $3 million line for working capital needs.
Solution:
After performing due diligence on the client’s customer, Prestige provided a $3 million factoring line, without diluting equity. Additionally, the referring bank obtained the banking relationship for the client. One and a half years later, the owner sold to a conglomerate for $30 million.
CARTON MANUFACTURER
$ 300,000| Factoring | New Jersey
$ 300,000| Factoring | New Jersey
Client:
U.S. Subsidiary of German carton manufacturer with $5 million in annual sales.
Situation:
The ten-year-old subsidiary was historically funded by its foreign parent company. Due to the global banking environment, the parent company made an abrupt decision to stop supporting the U.S. subsidiary. As a result, the subsidiary faced closure if it could not secure financing.
Need:
The subsidiary needed immediate stand-alone financing to provide for its ongoing capital needs.
Solution:
Within four days, Prestige purchased and funded $300,000 in receivables which prevented a disruption in operations and preserved jobs. Without this funding, the subsidiary probably would have closed.
MANUFACTURER OF TELEPHONE ACCESSORIES
$ 2,500,000| Factoring | New Jersey
$ 2,500,000| Factoring | New Jersey
Client:
New Jersey-based manufacturer of telephone accessories with $1million in annual sales.
Situation:
The start-up was looking for an alternative to raising equity at the early stage of their business.
Need:
The client needed working capital to pay overseas suppliers in a timely manner.
Solution:
Prestige provided a $2.5 million factoring line of credit to meet the client’s initial needs and provide for ongoing growth.
THERMAL BACKFILL COMPANY
$ 900,000| Factoring | New England
$ 900,000| Factoring | New England
Client:
New England-based refrigeration and air conditioning service specialist with $4 million annual sales.
Situation:
The twenty-year-old company’s existing lender could no longer support its rapid growth. The company was awarded two long term contracts which would almost double their revenue.
Need:
The client needed a growth facility which would enable them to accept and support large orders.
Solution:
The existing lender felt a strong loyalty to client and agreed to a structured payoff to expedite the closing and support the client’s needs. Within seven days, Prestige provided a factoring line which enabled client to transition seamlessly.
CALL CENTER
$ 5,000,000| Factoring | Ontario, Ontario
$ 5,000,000| Factoring | Ontario, Ontario
Client:
Ontario, Canada-based call center with $50 million in annual sales.
Situation:
Ten-year-old call center was being acquired by a U.S. investor group.
Need:
The investors were seeking to leverage the receivables of the call center to complete the acquisition and provide ongoing working capital.
Solution:
In less than two weeks from the initial inquiry, Prestige provided a $5 million factoring line, allowing the buyers to complete the cross-border acquisition with a nominal equity investment.
SUSTAINABLE BUILDING SYSTEMS
$ 500,000| Factoring| New York, New York
$ 500,000| Factoring| New York, New York
Client:
NY-based sustainable building system company with $2 million in annual sales.
Situation:
A three-year-old environmentally friendly company had experienced strong growth. Given its short history and inability to show strong financial performance, the company was unable to obtain traditional bank financing. Prestige was introduced to the client by a banker who was unable to provide a loan but wanted to provide banking services to the company.
Need:
The client needed suitable financing to support its growth.
Solution:
Within two weeks, Prestige funded the company’s current receivables with a $500,000 line and wired the funds to a new account opened at the bank that introduced Prestige to the client.
CONSUMER PRODUCTS REPAIR COMPANY
$ 2,000,000| Factoring | Long Island, New York
$ 2,000,000| Factoring | Long Island, New York
Client:
Long Island-based consumer products repair company with $5 million in annual sales.
Situation:
The eleven-year-old company was previously funded by a private investor but needed an immediate capital infusion as it was on the brink of insolvency. The client and its advisors were deciding whether to file for bankruptcy or restructure out of court. The client was introduced to Prestige by its attorney who knew that Prestige has long history of success in providing financing to companies in financial distress.
Need:
The client’s preference was to avoid a costly bankruptcy and select a financing partner which could work with the company as it navigated its way back to profitability.
Solution:
In less than one week, Prestige funded a $2 million line, reduced the client’s cost of financing, and helped the client avoid filing for bankruptcy.
ARCHITECTURAL DESIGN FIRM
$ 1,000,000| Factoring| Connecticut
$ 1,000,000| Factoring| Connecticut
Client:
Connecticut-based architectural design firm with $10 million in annual sales.
Situation:
The six-year-old firm obtained a large project to design an amusement park exhibit which was billed on a progress basis with extended terms
Need:
The client needed immediate access to cash flow for payroll and overhead expenses.
Solution:
Within four business days, Prestige creatively confirmed payment with the customer and subsequently funded the initial phase of the project. That funding allowed the project to continue seamlessly.
CONSUMER ELECTRONICS COMPANY
$ 5,000,000| Factoring| Midwest
$ 5,000,000| Factoring| Midwest
Client:
Midwest-based consumer electronics company with $75 million in annual sales.
Situation:
The bank for this eight-year-old seasonal business failed to close a new line of credit in a timely manner.
Need:
The client needed bridge financing to fill the gap until permanent financing could be obtained.
Solution:
Within five business days, Prestige provided a $5 million bridge facility to alleviate the timing pressure until the company’s bank could close the facility.
FLORIDA CALL CENTER
$ 1,000,000| Factoring| Florida
$ 1,000,000| Factoring| Florida
Client:
Florida-based call center with $15 million in annual sales.
Situation:
A re-start of a company lacked financing for working capital needs.
Need:
This fast-growing company was looking to keep its cash flow moving smoothly and did not want to dilute its ownership through equity financing.
Solution:
Prestige provided a $1 million dollar factoring line with a tiered pricing structure based on volume.
SNOW REMOVAL COMPANY
$ 750,000| Factoring| New Jersey
$ 750,000| Factoring| New Jersey
Client:
New Jersey-based snow removal company with $3 million in annual sales.
Situation:
Six-year-old business had outgrown its line of credit with a local bank.
Need:
The client needed a larger financing facility to support seasonal demands and accelerate cash flow.
Solution:
Prestige provided a $750,000 factoring line to solve the immediate cash flow crunch and provide for seasonal sales fluctuations.
REFRIGERATION AND AIR CONDITIONING SERVICE
$ 550,000| Factoring| New England
$ 550,000| Factoring| New England
Client:
New England-based refrigeration and air conditioning service specialist with $4 million annual sales.
Situation:
The fifteen-year-old seasonal business had fluctuations in sales and cash flow throughout the year. A request for a line increase to provide additional working capital during peak periods was declined by their bank.
Need:
The client needed flexible working capital financing to purchase inventory and hire seasonal personnel.
Solution:
Within ten days from application, Prestige provided the client with a factoring facility which provided steady and predictable cash flow and met seasonal demands.
SOFTWARE CONSULTANT
$ 750,000| Factoring| New York
$ 750,000| Factoring| New York
Client:
New York-based Microsoft software consultant with $4 million annual sales.
Situation:
The six-year-old company was seeking to refinance its line when it became a victim of a bait and switch scenario by an unscrupulous lender. Shortly before loan closing the company learned that the lender’s actual terms varied drastically from the original proposal.
Need:
The client was in need of immediate financing and wanted a lender they could trust.
Solution:
Prestige provided a fast, simple and straightforward proposal and closed on a factoring facility within five business days.
SECURITY GUARD COMPANY
$ 250,000| Factoring| New York
$ 250,000| Factoring| New York
Client:
New York-based security guard company with $1 million in annual sales
Situation:
Two-year-old company faced a 45 day gap between invoicing and receiving payments from customers.
Need:
The client needed financing to make payroll, take on new customers and prepare for seasonal peaks.
Solution:
In less than three business days from application, Prestige funded their weekly payroll. The client is now able to bid on and secure additional large contracts with the confidence that payroll will always be met.
CREATIVE SERVICES FIRM
$ 500,000| Factoring| New York
$ 500,000| Factoring| New York
Client:
New York-based creative services firm with $2.5 million in annual sales.
Situation:
The one-year-old company creates advertising jingles for airlines and other clients. It takes the firm 45 to 60 days to generate billable work and then an additional 45 days before payments are received. This lengthy cycle resulted in cash flow constraints for the firm.
Need:
The client required working capital financing to support this growing business.
Solution:
Prestige provide a $500,000 line which bridges the gap between invoicing and payment and supports daily working capital needs.
WINDOW COMPANY
$ 5,000,000| Factoring| New York
$ 5,000,000| Factoring| New York
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.
TELEVISION PRODUCTION COMPANY
$ 3,000,000| Factoring| New York
$ 3,000,000| Factoring| New York
Client:
New York-based television production company.
Situation:
Client needed immediate working capital to support the production of a Super Bowl television ad.
Need:
Client needed to borrow on progress-billed invoices which historically are difficult to finance.
Solution:
Prestige provided a $3 million factoring facility within 10 days and helped the client obtain appropriate verifications and fund without an estoppel letter, in which a customer, or account debtor, promises that they will not offset future payments based on past client performance. Estoppel letters are required by most lenders and are sometimes difficult to obtain.
EAST COAST TECHNOLOGY COMPANY
$ 750,000| Factoring| East Coast
$ 750,000| Factoring| East Coast
Client:
East Coast technology company with $10 million in annual sales.
Situation:
Client sought cash flow to grow their business without diluting equity.
Need:
Client pre-bills its customers one year in advance, however there can be a delay before the client receives payments from its customers. In the interim between invoicing customers and collecting cash receipts, the Company needed capital to fund daily operating expenses.
Solution:
Prestige provided a $750,000 factoring facility within seven days and developed a confirmation letter for the client to provide to his customers which guaranteed payment of the invoices, thereby providing a workable solution for both Prestige and client.
BULK MATERIAL HANDLING COMPANY
$ 2,000,000| Factoring| Midwest
$ 2,000,000| Factoring| Midwest
Client:
Midwest bulk material handling company with $10 million in annual sales.
Situation:
Client was unhappy with their former factor who was not timely in funding assignments of invoices. The client asked his equipment lender for a referral to a new working capital provider.
Need:
Solution:
Prestige provided a $2 million factoring facility to pay off the former factor within six days, and together with the equipment lender, worked out a collateral sharing agreement which gave the client greater borrowing power.
TECHNOLOGY STAFFING COMPANY
$ 500,000| Factoring| New Jersey
$ 500,000| Factoring| New Jersey
Client:
New Jersey-based technology staffing company.
Situation:
The three-month old company was experiencing working capital constraints due to customers stretching their payments to more than 45 days.
Need:
The client needed working capital to meet payroll and related tax expense and had a payroll that was quickly coming due.
Solution:
Within three business days, Prestige provided a $500,000 factoring line of credit which enabled the client to meet their payroll expense and provided ongoing working capital.
CONSTRUCTION CLEAN UP COMPANY
$ 1,000,000| Factoring| New York
$ 1,000,000| Factoring| New York
Client:
NY based construction clean up company.
Situation:
The client was experiencing cash flow issues because of slow paying customers. Their banker could no longer continue covering their overdrafts therefore they referred the client to Prestige.
Need:
Steady cash flow to make their payroll without interruption.
Solution:
Prestige was able to provide immediate financing on their invoices to smooth out their cash flow which allowed them to take on additional clients and grow their business rapidly.
ONLINE PUBLISHER AND EXPERIENTIAL BRAND
$ 500,000| Factoring| New York
$ 500,000| Factoring| New York
Client:
NY based online publisher and experiential brand.
Situation:
Their bank was no longer able to provide financing as their financials no longer supported the loan amount that they had.
Need:
Cash flow to support their growth.
Solution:
Prestige was able to finance their receivables and pay off their bank so that they could focus on their growth.
MEDIA AND BRANDING COMPANY
$ 750,000| Factoring| New York
$ 750,000| Factoring| New York
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.
STAFFING INDUSTRY
$ 10,000,000| Factoring| Northeast
$ 10,000,000| Factoring| Northeast
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.
TRUCK REPAIR AND RESTORATION
$ 2,000,000| Factoring| Upstate New York
$ 2,000,000| Factoring| Upstate New York
Client:
Upstate New York truck repair and restoration company
Situation:
Company was expanding rapidly but their bank would not expand their existing credit line
Need:
A finance company to give them greater liquidity.
Solution:
Prestige tripled their credit line so that they had the ability to pay off their existing bank and immediately facilitate growth.
DIGITAL MEDIA PRODUCTS AND SERVICES
$ 475,000| Factoring| New Jersey
$ 475,000| Factoring| New Jersey
Client:
New Jersey Digital media products and services
Situation:
Recently spun off from a larger corporation, this employee owned company was required to pay off a large note to the parent company.
Need:
Cash flow to pay off debt and support growth
Solution:
Prestige was able to provide much-needed cash flow by financing their accounts receivables, this enabled them to service their customers and pay off their note to the parent company.
TRADE MAGAZINE
$ 1,000,000| Factoring| New York
$ 1,000,000| Factoring| New York
Client:
Trade Magazine
Situation:
Former client sold a division of their company allowing them to operate without a working capital facility.
Need:
Within a year, they found themselves in a cash crunch again.
Solution:
Since they had enjoyed their flexible financing relationship with Prestige Capital they seamlessly returned and immediately improved their cash flow once again.
JANITORIAL MAINTENANCE
$ 5,000,000| Service Providers| New Jersey
$ 5,000,000| Service Providers| New Jersey
Client:
Janitorial Maintenance
Situation:
A turnaround advisor who had previously worked for a client of Prestige Capital was hired by a bankruptcy trustee to assist in obtaining Debtor in Possession (DIP) financing for this 7 entity holding company.
Need:
These companies had been self-funded. However, needed relief and financing due to a large federal tax lien.
Solution:
Within 5 business days, Prestige Capital provided the DIP financing needed to keep the company operational while developing its plan of reorganization.
STAFFING COMPANY
$ 4,000,000| Service Provider| Southeast
$ 4,000,000| Service Provider| Southeast
Client:
Staffing Company
Situation:
An investment banker approached Prestige after two lenders couldn’t close the deal in a timely manner. The seller became impatient and gave the buyer a deadline.
Need:
Immediate financing to close the deal before the seller walked away from the transaction.
Solution:
In a week, Prestige Capital did a field exam and closed the deal, preserving the deal and the client’s dignity.
MIDWESTERN US MANUFACTURER
$ 30,000,000| Factoring | Midwest
$ 30,000,000| Factoring | Midwest
Client:
Midwestern U.S. manufacturer with over $1 billion in annual sales.
Situation:
The subsidiary’s parent company embarked on a major capital expenditure program, resulting in restrictions on intercompany advances.
Need:
Although strong financially, the client needed working capital flexibility without creating debt.
Solution:
Prestige purchased their receivables without recourse through a $30 million factoring line, so the client could access immediate cash. Since factoring is not considered a loan, the company assumed no debt on its balance sheet.
ORGANIC BABY FOOD MANUFACTURER
$ 250,000| Factoring | New York
$ 250,000| Factoring | New York
Client:
New York-based organic baby food manufacturer with $2 million in annual sales.
Situation:
The three-year-old company was experiencing rapid growth due to large orders from big box retailers. The bank was unable to increase its small credit facility.
Need:
The client needed additional cash flow to fulfill the orders and be able to take on new customer relationships.
Solution:
Prestige paid off the bank and provided $250,000 in accounts receivable financing for their first assignment. Orders grew at a rapid pace, with no risk of having to turn down new orders due to a lack of cash flow. In less than a year, the client successfully refinanced their line with a low cost bank facility and grew their business more than tenfold.
VITAMIN MANUFACTURER
$ 2,500,000| Factoring | West Coast
$ 2,500,000| Factoring | West Coast
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.
BULK MATERIAL HANDLING COMPANY
$ 2,000,000| Factoring | Midwest
$ 2,000,000| Factoring | Midwest
Client:
Midwest bulk material handling company with $10 million in annual sales.
Situation:
Client was unhappy with their former factor who was not timely in funding assignments of invoices. The client asked his equipment lender for a referral to a new working capital provider.
Need:
Solution:
Prestige provided a $2 million factoring facility to pay off the former factor within six days, and together with the equipment lender, worked out a collateral sharing agreement which gave the client greater borrowing power.
ARCHITECTURAL METAL AND GLASS COMPANY
$ 1,000,000| Factoring | New York
$ 1,000,000| Factoring | New York
Client:
NY based architectural metal and glass company.
Situation:
The client’s orders were growing quickly and they were having difficulty with cash flow with their current bank line.
Need:
A larger line to support their growth. Their banker recognized that by replacing their bank credit line with cash flow on their invoices, the client would be able to accept much larger contracts whose invoices would be financed by Prestige.
Solution:
The client is now able to take on much larger orders. They are grateful that their banker recognized that Prestige’s program was a better fit for their rapid growth than traditional bank financing.
MANUFACTURER AND DISTRIBUTOR OF SWIMMING POOL ACCESSORIES
$ 750,000| Factoring | Southwest
$ 750,000| Factoring | Southwest
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.
APPLIANCE RECYCLING CENTER
$ 5,000,0000| Refinancing| Midwest
$ 5,000,0000| Refinancing| Midwest
Client:
Appliance Recycling Center
Situation:
Company works with energy utilities to replace inefficient household appliances. In selling their most profitable division, they reduced their existing bank loan to a level that was below the bank’s desired minimum.
Need:
A facility to assist with working capital needs as they refocused their efforts on the utility side of their business.
Solution:
Prestige closed on financing the US Corporation additionally setting up an agreement to finance their Canadian subsidiary.
LIFESTYLE MAGAZINE
$ 1,500,000| Consumer Products| New York
$ 1,500,000| Consumer Products| New York
Client:
Lifestyle Magazine
Situation:
This lifestyle magazine had gone through financial difficulties as the magazine industry has taken a downturn in recent years. Their bank no longer supported them and asked them to find a new lender. The lender that they had been negotiating with for the previous 45 days suddenly declined the financing.
Need:
A financial partner who would look beyond their financial statements and fund them based on their receivables which were strong and performing.
Solution:
After being introduced by an investment banker, Prestige Capital was able to relieve them of the stress caused by the other finance company and close the deal in a matter of days satisfying their bank’s payoff deadline.
FOOD AND DRUG MANUFACTURER
$ 500,000 | Factoring | Upstate NY
$ 500,000 | Factoring | Upstate NY
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.
WASHINGTON PERSONNEL AGENCY
$ 2,000,000| Service Providers| Washington
$ 2,000,000| Service Providers| Washington
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.
BOSTON TECHNOLOGY COMPANY
$ 300,000| Technology| Boston
$ 300,000| Technology| Boston
Client:
Boston Technology Company
Situation:
The client’s business was growing rapidly as his business was in the rapidly growing sector known as IoT (internet of things).
Need:
As additional restaurants were signing up for the client’s services, the company realized that their existing financing was insufficient for such rapid growth.
Solution:
By partnering with Prestige Capital, he was able to keep cash flow steady and sign on new accounts at a rapid pace. This was done without seeking additional equity, which would have required substantial time and energy during this fast-paced sales cycle.
MINNESOTA RECYCLING COMPANY
$ 7,000,000| Service Providers| Minnesota
$ 7,000,000| Service Providers| Minnesota
Client:
Minnesota Recycling Company
Situation:
Client’s lender was looking to exit their financing relationship as their loan became too small.
Need:
A lender to replace their bank who would provide working capital, flexibility and sufficient funds to pay off existing lender.
Solution:
Prestige Capital provided the pay off to their lender and funded their ongoing operations seamlessly.
CUSTOM MINTED COINS AND MEDALS
$ 1,000,000| Factoring | Nevada
$ 1,000,000| Factoring | Nevada
Client:
Nevada Manufacturer of Custom minted coins and medals
Situation:
Company had just filed bankruptcy and needed funds to continue production.
Need:
Debtor in possession financing
Solution:
In less than a week, Prestige was able to fund the company’s accounts receivables while in chapter 11 bankruptcy so that they could fill their existing orders.
TECHNOLOGY / MANUFACTURER
$ 1, 500,000| Factoring | Northeast
$ 1, 500,000| Factoring | Northeast
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.
NEW YORK LIFESTYLE MAGAZINE
$ 1,200,000| Service Providers| New York
$ 1,200,000| Service Providers| New York
Client:
New York Lifestyle Magazine
Situation:
Client sought immediate cash flow to continue operations during their off season.
Need:
Because of the seasonality of their business, their financials made it extremely difficult to obtain bank financing.
Solution:
As a factoring company, Prestige Capital was able to finance their invoices even though they were seasonal by nature. Prestige was able to fund the client in two weeks, enabling them to make payroll and pay their printer.
GEORGIA STAFFING COMPANY
$ 2,500,000| Service Providers| Georgia
$ 2,500,000| Service Providers| Georgia
Client:
Georgia Staffing Company
Situation:
After failing to complete the leverage buyout with an asset based lender, the client was at risk of losing the opportunity.
Need:
Client needed a funding partner who could close very quickly.
Solution:
Within 7 business days, Prestige provided the capital to close the transaction.
MARYLAND MULTI-CHANNEL MARKETING
$ 1,500,000| Service Provider| Maryland
$ 1,500,000| Service Provider| Maryland
Client:
Maryland Multi-Channel Marketing
Situation:
This marketing business was trying to sell a division. While seeking an alternate buyer, they needed cash flow during this influx stage of the business.
Need:
The turnaround firm handling this process introduced the client to Prestige for quick decision making.
Solution:
Within a week this division was funded giving the client breathing room to make an appropriate decision, while maintaining cash flow for operations.
MANUFACTURER OF RUGGED ELECTRONICS FOR INDUSTRIAL USE
$ 1,500,000| Factoring | Midwest
$ 1,500,000| Factoring | Midwest
Client:
Manufacturer of Rugged Electronics for Industrial Use
Situation:
Large global manufacturer decided to sell off a small division based in the US.
Need:
Buyer needed nominal working capital for operations but needed available funds to assist them acquiring a US Subsidiary of a Hi-tech Electronic manufacturer and operate that business from its current offices.
Solution:
Even though a large concentration existed in the customer base, Prestige was able to fund all of their accounts receivable which not only provided the working capital to operate the business effectively but provided the additional capital needed to close the acquisition.
HI-TECH ELECTRONIC MANUFACTURER
$ 1,500,000| Factoring | Midwest
$ 1,500,000| Factoring | Midwest
Client:
Hi-Tech Electronic Manufacturer
Situation:
Foreign-owned company had US presence, but no operational or support staff in the US.
Need:
Client sought acquisition financing to assist in the purchase of this entity and incorporate in the US.
Solution:
The combination of factoring the target’s A/R and the unencumbered A/R of one of their other holdings provided the necessary funds to complete the acquisition within two weeks of being introduced to the deal.
NEW JERSEY MANUFACTURING
$ 200,000| Factoring | New Jersey
$ 200,000| Factoring | New Jersey
Client:
New Jersey Manufacturing
Situation:
Company wanted a fast, simple credit line that was accessible when needed.
Need:
On occasion the customer experienced demand spikes. They needed a facility in place to handle an immediate need for capital.
Solution:
Prestige Capital’s flexibility allows for no minimum borrowing requirements, quick closing speed, and a nominal fee to close.
UTAH COMPUTER EQUIPMENT MANUFACTURER
$ 2,500,000| Factoring | Utah
$ 2,500,000| Factoring | Utah
Client:
Utah Computer Equipment Manufacturer
Situation:
Fortune 500 company selling a small division of their company who had a major concentration in one customer.
Need:
Buyer was looking for financing to supplement their limited equity contribution toward the purchase of business.
Solution:
With the assistance of their investment banker, Prestige Capital was willing and able to provide the needed leverage to finalize the sale.
WEST COAST CAMERA COMPANY
$ 5,000,000 | Factoring | West Coast
$ 5,000,000 | Factoring | West Coast
Client:
West Coast Camera Company
Situation:
US Subsidiary seeking financing as foreign parent was no longer willing nor able to support the subsidiary.
Need:
Working capital for growth.
Solution:
Prestige Capital was able to provide the capital and allow the subsidiary to finance their growth.
CANADIAN APPLIANCE RECYCLING
$ 2,000,000| Service Providers| Canada
$ 2,000,000| Service Providers| Canada
Client:
Canadian Appliance Recycling
Situation:
This appliance recycling center is a division of a current client and was seeking working capital for their North American division.
Need:
The client had obtained large contracts and needed cash flow for operations.
Solution:
Within a week Prestige funded their receivables which enabled them to expand their program.
PENNSYLVANIA DATA ANALYTICS
$ Line Amount| Service Providers| Pennsylvania
$ Line Amount| Service Providers| Pennsylvania
Client:
Pennsylvania Data Analytics
Situation:
The company which had been funded by a bank was seeking to refinance their bank loan.
Need:
The bank that had funded them had exited this business sector and was seeking a finance firm to replace the bank’s current financing.
Solution:
Prestige quickly funded their receivables, paying off the bank in a timely manner.
LONG ISLAND TRANSPORTATION COMPANY
$ Line Amount| Service Providers| New York
$ Line Amount| Service Providers| New York
Client:
Long Island Transportation Company
Situation:
Company was introduced by a turnaround firm due to an immediate cash need after losing their bank line.
Need:
Client needed cash in order to make their payroll in a timely manner.
Solution:
Within 10 days Prestige funded their AR and provided the financing they needed to make payroll and continue operations.
PENNSYLVANIA SOFTWARE AND E-LEARNING COMPANY
$ Line Amount| Service Providers| Pennsylvania
$ Line Amount| Service Providers| Pennsylvania
Client:
Pennsylvania Software and E-Learning Company
Situation:
Company was introduced to Prestige after they had experienced losses and needed to exit their current financing with the bank.
Need:
The bank needed to be paid off quickly before quarter end.
Solution:
Prestige worked closely with the bank’s workout team to insure the payoff was made with the bank’s requirement.
MANUFACTURER AND DISTRIBUTOR OF SWIMMING POOL ACCESSORIES
$ 750,000| Factoring | Southwest
$ 750,000| Factoring | Southwest
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.
NUTRITIONAL JUICE COMPANY
$ 750,000| Factoring | New York
$ 750,000| Factoring | New York
Client:
New York-based nutritional juice company.
Situation:
Early stage venture looking for start-up financing.
Need:
The client was seeking an alternative to equity funding to fulfill its initial orders from a big box retailer.
Solution:
Prestige provided a $750,000 factoring line in less than seven business days which allowed the juice company to fulfill the orders and take advantage of new opportunities.
HOSIERY MANUFACTURER
$ 2,750,000| Factoring | New York
$ 2,750,000| Factoring | New York
Client:
New York-based hosiery manufacturer with $3 million in annual sales.
Situation:
This ten-year-old company had an opportunity to accept a $10 million dollar order from a well-known retailer but lacked adequate financing.
Need:
Unable to fund this larger order, the client secured purchase order financing. The purchase order financing firm, in turn, introduced the client to Prestige to factor the receivables in order to repay the purchase order financing.
Solution:
In less than two weeks, both the purchase order and factoring facilities were in place, enabling the client to manufacture the goods and quadruple sales.
CONSUMER PRODUCTS REPAIR COMPANY
$ 2,000,000| Factoring | Long Island
$ 2,000,000| Factoring | Long Island
Client:
Long Island-based consumer products repair company with $5 million in annual sales.
Situation:
The eleven-year-old company was previously funded by a private investor but needed an immediate capital infusion as it was on the brink of insolvency. The client and its advisors were deciding whether to file for bankruptcy or restructure out of court. The client was introduced to Prestige by its attorney who knew that Prestige has long history of success in providing financing to companies in financial distress.
Need:
The client’s preference was to avoid a costly bankruptcy and select a financing partner which could work with the company as it navigated its way back to profitability.
Solution:
In less than one week, Prestige funded a $2 million line, reduced the client’s cost of financing, and helped the client avoid filing for bankruptcy.
CONSUMER ELECTRONICS COMPANY
$ 5,000,000| Factoring | Midwest
$ 5,000,000| Factoring | Midwest
Client:
Midwest-based consumer electronics company with $75 million in annual sales.
Situation:
The bank for this eight-year-old seasonal business failed to close a new line of credit in a timely manner.
Need:
The client needed bridge financing to fill the gap until permanent financing could be obtained.
Solution:
Within five business days, Prestige provided a $5 million bridge facility to alleviate the timing pressure until the company’s bank could close the facility.
NOVELTY PRODUCT MANUFACTURER
$ 2,250,000| Factoring | Massachusetts
$ 2,250,000| Factoring | Massachusetts
Client:
Massachusetts-based Novelty Product Manufacturer
Situation:
11-year-old company was being liquidated by its existing lender.
Need:
One of the company’s existing owners was seeking to acquire and re-start a profitable division of the company.
Solution:
Prestige provided financing to fund the acquisition of certain property of the liquidating estate from the lender and support future growth.
DENTAL HYGIENE INVENTOR
$ 1,000,000| Factoring | Florida
$ 1,000,000| Factoring | Florida
Client:
Florida-based dental hygiene inventor
Situation:
After many years of development, a start-up with an innovative product was successful in reaching an exclusive agreement with a large national retailer.
Need:
Due to the sales concentration risk, the client had difficulty obtaining traditional financing from a bank.
Solution:
Prestige provided a factoring facility of $1 million without restrictive covenants related to the sales concentration account.
LIGHT MANUFACTURER
$ 1,500,000| Factoring | U.S. Subsidiary
$ 1,500,000| Factoring | U.S. Subsidiary
Client:
A light manufacturer, which was a domestic subsidiary of an insolvent foreign parent company.
Situation:
The foreign parent company defaulted on its loan obligation, and even though the subsidiaries were not parties to the loan agreement, they found themselves without a lender while the matter was being resolved.
Need:
The two U.S. subsidiaries needed stand-alone financing to fulfill a backlog of orders and provide ongoing working capital.
Solution:
Prestige worked diligently to provide a combined line of $1.5 million for the entities to meet payroll and operating expenses.
MANUFACTURER OF SPECIALTY VEHICLES
$ 500,000| Factoring | New Jersey
$ 500,000| Factoring | New Jersey
Client:
New Jersey-based manufacturer of specialty vehicles.
Situation:
The client was purchasing a fabricator of specialty vehicles from an Assignee for the Benefit of Creditors.
Need:
The acquisition process in an ABC matter can be complex due to the divergent interests of different stakeholder groups and the legal processes required to implement a transaction. The client needed a lender who had extensive situational experience and a track record of providing financing to companies in similar positions.
Solution:
Prestige provided a $500,000 factoring line of credit to support the acquisition. Prestige has long history of success in providing financing to companies in financial distress and helping clients navigate through the process quickly and efficiently.
Novelty Product Manufacturer.
AUTOMOTIVE PARTS MANUFACTURER
$ 40,000,000| Factoring | Midwest
$ 40,000,000| Factoring | Midwest
Client:
Midwest automotive parts manufacturer
Situation:
22-year-old manufacturer was in aggressive acquisition mode during the downturn in the automotive industry.
Need:
The client wanted to partner with a commercial finance source that could close complex leveraged buyouts in two weeks or less.
Solution:
Prestige was able to close and fund seven separate transactions totaling $40 million in combined facilities. Within nine months, the client graduated to an $80 million asset based lending facility.
LIQUOR MANUFACTURER
$ 3,000,000| Factoring | East Coast
$ 3,000,000| Factoring | East Coast
Client:
East Coast high-end branded liquor manufacturer
Situation:
The start-up company, which was originally seeking equity financing, was introduced to Prestige by a bank seeking their non-lending business. The client had a 100% sales concentration account which made it very difficult to raise equity or obtain traditional bank financing. In addition, the client’s contract manufacturer was unable to provide terms due to a lack of payment history.
Need:
Based on forecasted sales to the customer, the client needed a $3 million line for working capital needs.
Solution:
After performing due diligence on the client’s customer, Prestige provided a $3 million factoring line, without diluting equity. Additionally, the referring bank obtained the banking relationship for the client. One and a half years later, the owner sold to a conglomerate for $30 million.
IMPORTER OF HOUSEHOLD GOODS
$ 600,000 | Factoring | New Jersey
$ 600,000 | Factoring | New Jersey
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.
PERFUME PACKAGING COMPANY
$ 750,000| Factoring | Long Island
$ 750,000| Factoring | Long Island
Client:
Long Island-based perfume packaging company with $5 million in annual sales.
Situation:
The two-year-old business had a significant sales concentration which made it very difficult to obtain traditional bank financing. In addition, the company required purchase order financing to fulfill large perfume orders.
Need:
The client needed a financing partner who could structure a unique financing solution tailored to their specific needs.
Solution:
Within one week from application, Prestige funded existing invoices to help the company pay for goods from their suppliers and simultaneously introduced them to a purchase order partner to help fund future purchase orders.
MANUFACTURER OF TELEPHONE ACCESSORIES
$ 2,500,000| Factoring | New Jersey
$ 2,500,000| Factoring | New Jersey
Client:
New Jersey-based manufacturer of telephone accessories with $1million in annual sales.
Situation:
The start-up was looking for an alternative to raising equity at the early stage of their business.
Need:
The client needed working capital to pay overseas suppliers in a timely manner.
Solution:
Prestige provided a $2.5 million factoring line of credit to meet the client’s initial needs and provide for ongoing growth.
IMPORTER OF GIFT TEA PACKAGES
$ 750,000| Factoring | New Jersey
$ 750,000| Factoring | New Jersey
Client:
New Jersey-based importer of gift tea packages with $22 million in annual sales.
Situation:
The sixty-five-year-old company had historically been self-funded. The importer began to purchase inventory from a new overseas supplier which offered lower prices and higher quality, but could not grant credit terms.
Need:
The client needed financing to afford upfront payments for orders and shipping costs, and prepare for seasonal peaks.
Solution:
Prestige provided a $750,000 factoring line which allowed the client to pay suppliers upon receipt of product, and has increased profitability and sales volume.
SOCIAL MEDIA PUBLISHER
$ 3,000,000| Factoring | New York
$ 3,000,000| Factoring | New York
Client:
New York-based social media publisher with $8 million in annual sales.
Situation:
The four-year-old company was experiencing rapid growth due to the proliferation of social media across corporations.
Need:
The client needed a flexible working capital facility to keep pace with increasing operating expenses.
Solution:
In less than two weeks from initial inquiry, Prestige was able to provide a $3 million line to the publisher, thereby freeing the business owners to pursue new creditworthy business.
ORGANIC BABY FOOD MANUFACTURER
$ 250,000| Factoring | New York
$ 250,000| Factoring | New York
Client:
New York-based organic baby food manufacturer with $2 million in annual sales.
Situation:
The three-year-old company was experiencing rapid growth due to large orders from big box retailers. The bank was unable to increase its small credit facility.
Need:
The client needed additional cash flow to fulfill the orders and be able to take on new customer relationships.
Solution:
Prestige paid off the bank and provided $250,000 in accounts receivable financing for their first assignment. Orders grew at a rapid pace, with no risk of having to turn down new orders due to a lack of cash flow. In less than a year, the client successfully refinanced their line with a low cost bank facility and grew their business more than tenfold.
VITAMIN MANUFACTURER
$ 2,500,000| Factoring | West Coast
$ 2,500,000| Factoring | West Coast
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.
NEW YORK PICKLE COMPANY
$ 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.
ELECTRONICS DISTRIBUTOR
$ 500,000 | Factoring | East Coast
$ 500,000 | Factoring | East Coast
Client:
East Coast electronics distributor with $3 million in annual sales.
Situation:
The distributor was an existing client of Prestige Capital and its management team was well known to Prestige. The Client’s owners made the strategic decision to focus their attention on other core businesses and wanted to divest the electronics distributor.
Need:
Client’s senior management team approached Prestige to fund a management buyout.
Solution:
Within three business days, Prestige refinanced the existing facility for the newly acquired company with the new ownership group.
MANUFACTURER SPORTS NUTRITION
$ 500,000 | Factoring | Florida
$ 500,000 | Factoring | Florida
Client:
Florida-based manufacturer of sports nutrition products.
Situation:
After two years of research and development, the early stage company started generating revenue and needed to turn their invoices into immediate cash.
Need:
The client needed cash to pay their suppliers up-front and to fund other working capital needs.
Solution:
In six business days, Prestige provided a $500,000 factoring line of credit to the client which provided working capital and supported the company’s growth plan.
PERFUME DISTRIBUTOR
$ 1,000,000| Factoring | New York
$ 1,000,000| Factoring | New York
Client:
NY based Perfume Distributor
Situation:
The client had large invoices from Overstock.com.
Need:
Client needed to finance their invoices in order to pay suppliers so that they could continue to get product and grow their business. Their banker recognized that with invoice financing there is no cap on the volume that Prestige will finance therefore would be a perfect fit for their client who was getting inundated with large holiday orders.
Solution:
The client’s business has grown quite rapidly as they were only limited by cash flow, not their ability to obtain large orders. This holiday season was their best yet!
CUSTOM MINTED COINS AND MEDALS
$ 1,000,000 | Factoring | Nevada
$ 1,000,000 | Factoring | Nevada
Client:
Nevada Manufacturer of Custom minted coins and medals
Situation:
Company had just filed bankruptcy and needed funds to continue production.
Need:
Debtor in possession financing.
Solution:
In less than a week, Prestige was able to fund the company’s accounts receivables while in chapter 11 bankruptcy so that they could fill their existing orders.
MANUFACTURERS OF SKIN CARE PRODUCTS
$ 750,000 | Factoring | New York
$ 750,000 | Factoring | New York
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.
APPLIANCE RECYCLING CENTER
$ 5,000,0000 | Refinancing | Midwest
$ 5,000,0000 | Refinancing | Midwest
Client:
Appliance Recycling Center
Situation:
Company works with energy utilities to replace inefficient household appliances. In selling their most profitable division, they reduced their existing bank loan to a level that was below the bank’s desired minimum.
Need:
A facility to assist with working capital needs as they refocused their efforts on the utility side of their business.
Solution:
Prestige closed on financing the US Corporation additionally setting up an agreement to finance their Canadian subsidiary.
LIFESTYLE MAGAZINE
$ 1,500,000 | Consumer Products | New York
$ 1,500,000 | Consumer Products | New York
Client:
Lifestyle Magazine
Situation:
This lifestyle magazine had gone through financial difficulties as the magazine industry has taken a downturn in recent years. Their bank no longer supported them and asked them to find a new lender. The lender that they had been negotiating with for the previous 45 days suddenly declined the financing.
Need:
A financial partner who would look beyond their financial statements and fund them based on their receivables which were strong and performing.
Solution:
After being introduced by an investment banker, Prestige Capital was able to relieve them of the stress caused by the other finance company and close the deal in a matter of days satisfying their bank’s payoff deadline.
NEW YORK WATCH COMPANY
$ 2,000,000 | Consumer Products | New York
$ 2,000,000 | Consumer Products | New York
Client:
New York Watch Company
Situation:
Company was seeking immediate cash flow during their busy fourth quarter.
Need:
Since their bank was unable to provide a loan, an introduction to Prestige was made to provide invoice financing.
Solution:
Within one week the client financed $1,000,000 of receivables enabling them to pay their suppliers in a timely manner.
MASSACHUSETTS TOY COMPANY
$ 2,000,000 | Consumer Products | Massachusetts
$ 2,000,000 | Consumer Products | Massachusetts
Client:
Massachusetts Toy Company
Situation:
This company had been purchased in bankruptcy by an investor and required cash flow for operations.
Need:
Client needed immediate cash flow for operations and for payment licensing fees.
Solution:
Within one week Prestige Capital financed the client’s receivables enabling client to pay licensing fees in a timely manner, as well as, provide ongoing cash flow to pay suppliers.
CALIFORNIA AI COMPANY
$ 25,000,000 | Consumer Products | California
$ 25,000,000 | Consumer Products | California
Client:
California AI Company
Situation:
The client needed liquidity in the 4th quarter to pay suppliers during their busy holiday season.
Need:
The client was actively seeking an increase in their bank line to support their growth, however, the bank was not comfortable giving a line increase at this time.
Solution:
Prestige was able to work with the bank in a carve out situation, to finance the client’s largest retail receivables to provide liquidity to pay their suppliers in a timely manner.
GEORGIA HAIR ACCESSORY COMPANY
$ 600,000 | Consumer Products | Georgia
$ 600,000 | Consumer Products | Georgia
Client:
Georgia Hair Accessory Company
Situation:
This company won an award as best new retail product and was awarded wide distribution in all regions of the chain.
Need:
The client needed immediate cash flow to pay their suppliers in a timely manner.
Solution:
Within two weeks, the client was able to factor their invoices enabling them to pay their supplier in a timely manner.
NORTH CAROLINA MEN’S GROOMING TOOL
$ 250,000 | Consumer Products | North Carolina
$ 250,000 | Consumer Products | North Carolina
Client:
North Carolina Men’s Grooming Tool
Situation:
This company experienced a sharp increase in sales after exposure on a television program.
Need:
The client needed liquidity to support their rapid growth.
Solution:
Within two weeks, the client financed their receivables, providing their factories comfort to continue to shipping rapidly during a period of growing volume.
GEORGIA ACCESSORY COMPANY
$ 500,000 | Consumer Products | Georgia
$ 500,000 | Consumer Products | Georgia
Client:
Georgia Accessory Company
Situation:
This client received a large order to have his product featured in a subscription based delivery box.
Need:
Since this order was much larger than his typical volume, the client needed to monetize the invoice in order to pay his supplier in within terms.
Solution:
Within a week, Prestige was able to finance this single debtor account and paid his supplier promptly.
NEW JERSEY AUTOMOTIVE PRODUCT
$ 500,000 | Consumer Products | New Jersey
$ 500,000 | Consumer Products | New 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.
MINNESOTA APPLIANCE COMPANY
$ Line Amount | Consumer Products | Minnesota
$ Line Amount | Consumer Products | Minnesota
Client:
Minnesota Appliance Company
Situation:
The client obtained a large contract from an energy utility company to replace appliances.
Need:
The client needed cash flow to fulfill the contracts.
Solution:
Prestige quickly provided a factoring line for its growth so that it could fulfill its contracts and its rapid growth.
CALIFORNIA HAIR CARE PRODUCT COMPANY
$ Line Amount | Consumer Products | California
$ Line Amount | Consumer Products | California
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 MICROWAVE TECHNOLOGY COMPANY
$ 2,000,000 | Consumer Products | New Jersey
$ 2,000,000 | Consumer Products | New Jersey
Client:
New Jersey Microwave Technology Company.
Situation:
The client had restructured their business and needed working capital.
Need:
The client needed working capital to smoothly operated their business during this period of time.
Solution:
Prestige quickly funded, giving them better cash flow during this transitional time.
CALIFORNIA COSMETIC COMPANY
$ Line Amount| Consumer Products | California
$ Line Amount| Consumer Products | California
Client:
California Cosmetic Company
Situation:
Client received a large order from a subscription box company.
Need:
Client was seeking funding to pay his overseas supplier to enable goods to be shipped and order to be filled.
Solution:
-
- Prestige partnered with a Purchase Order Finance company to fill the order and Prestige funded the invoice enabling a smooth transition of processing the order.
LOS ANGELES SKINCARE COMPANY
$ Line Amount | Consumer Products | California
$ Line Amount | Consumer Products | California
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.
CONSUMER PRODUCT COMPANY
$ 12,000,000| Consumer Products| New York
$ 12,000,000| Consumer Products| New York
Client:
Situation:
This 30 year old company needed to pay off their bank due to a breach of financial covenants.
Need:
Client needed to move quickly to pay off their bank line before year end. Their bank line included both accounts receivable and inventory.
Solution:
Prestige brought in an inventory lender to partner with, enabling a combined facility to have sufficient cash to pay off the bank. Within two weeks, the financing was provided to pay off the bank within their expected payoff date allowing the company to continue with their turnaround plan.
IMPORTER OF GIFT TEA PACKAGES
$ 750,000 | Income Financing | New Jersey
Client:
New Jersey-based importer of gift tea packages with $22 million in annual sales.
Situation:
The sixty-five-year-old company had historically been self-funded. The importer began to purchase inventory from a new overseas supplier which offered lower prices and higher quality, but could not grant credit terms.
Need:
The client needed financing to afford upfront payments for orders and shipping costs, and prepare for seasonal peaks.
Solution:
Prestige provided a $750,000 factoring line which allowed the client to pay suppliers upon receipt of product, and has increased profitability and sales volume.
PERFUME DISTRIBUTOR
$ 1,000,000 | Income Financing | New York
Client:
NY based Perfume Distributor
Situation:
The client had large invoices from Overstock.com
Need:
Client needed to finance their invoices in order to pay suppliers so that they could continue to get product and grow their business. Their banker recognized that with invoice financing there is no cap on the volume that Prestige will finance therefore would be a perfect fit for their client who was getting inundated with large holiday orders.
Solution:
The client’s business has grown quite rapidly as they were only limited by cash flow, not their ability to obtain large orders. This holiday season was their best yet!
MANUFACTURER AND DISTRIBUTOR OF SWIMMING POOL ACCESSORIES
750,000 | Income Financing | Southwest
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.
SCHOOL BUS COMPANY
$ 6,000,000|Income Financing |New York
- Client: New York City school bus company
- Situation: This 25 year old company needed to pay off a bank line due to losses.
- Need: Client needed to move quickly as school season was about to begin.
- Solution: In 8 business days, Prestige provided a $6 million dollar line to pay off their bank enabling them to seamlessly execute under their contracts.
TRUCK REPAIR AND RESTORATION
$ 2,000,000|Income Financing |Upstate New York
- Client: Upstate New York truck repair and restoration company
- Situation: Company was expanding rapidly but their bank would not expand their existing credit line
- Need: A finance company to give them greater liquidity.
- Solution: Prestige tripled their credit line so that they had the ability to pay off their existing bank and immediately facilitate growth.
MANUFACTURER OF TELEPHONE ACCESSORIES
$ 2,500,000|Income Financing |New Jersey
- Client: New Jersey-based manufacturer of telephone accessories with $1million in annual sales.
- Situation: The start-up was looking for an alternative to raising equity at the early stage of their business.
- Need: The client needed working capital to pay overseas suppliers in a timely manner.
- Solution: Prestige provided a $2.5 million factoring line of credit to meet the client’s initial needs and provide for ongoing growth.
SOFTWARE CONSULTANT
$ 750,000|Income Financing |New York
- Client: New York-based Microsoft software consultant with $4 million annual sales.
- Situation: The six-year-old company was seeking to refinance its line when it became a victim of a bait and switch scenario by an unscrupulous lender. Shortly before loan closing the company learned that the lender’s actual terms varied drastically from the original proposal.
- Need: The client was in need of immediate financing and wanted a lender they could trust.
- Solution: Prestige provided a fast, simple and straightforward proposal and closed on a factoring facility within five business days.
TECHNOLOGY COMPANY
$ 1,000,000|Income Financing |Texas
- Client: Texas-based Information technology company with $6 million in annual sales.
- Situation: The five-year-old company obtained a $5.5 million three-year contract.
- Need: The client needed immediate working capital to pay its overseas service subcontractor in a timely fashion.
- Solution: Prestige quickly met with management at their Texas headquarters and funded over $1 million of accounts receivable within four business days.
SOCIAL MEDIA PUBLISHER
$ 3,000,000|Factoring|New York
- Client: New York-based social media publisher with $8 million in annual sales.
- Situation: The four-year-old company was experiencing rapid growth due to the proliferation of social media across corporations.
- Need: The client needed a flexible working capital facility to keep pace with increasing operating expenses.
- Solution: In less than two weeks from initial inquiry, Prestige was able to provide a $3 million line to the publisher, thereby freeing the business owners to pursue new creditworthy business.
DIGITAL MEDIA COMPANY
$ 750,000|Income Financing| New York
- Client: Upstate New York digital media company
- Situation: The client developed digital technology that was being sold to big box retailers. The orders from the retailers were coming in fast and the client couldn’t keep up fulfilling the orders.
- Need: The client needed working capital to be able to fulfill the orders from the retailers in a timely manner.
- Solution: In less than one week from the initial call with the client, Prestige provided a $750,000 factoring line of credit which improved their cash flow and enabled the client to fulfill the back log of orders and ongoing working capital.
DIGITAL MEDIA PRODUCTS AND SERVICES
$ 475,000|Income Financing |New Jersey
- Client: New Jersey Digital media products and services
- Situation: Recently spun off from a larger corporation, this employee owned company was required to pay off a large note to the parent company.
- Need: Cash flow to pay off debt and support growth
- Solution: Prestige was able to provide much-needed cash flow by financing their accounts receivables, this enabled them to service their customers and pay off their note to the parent company.
TECHNOLOGY / MANUFACTURER
$ 1,500,000|Income Financing |Northeast
- 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.
BOSTON TECHNOLOGY COMPANY
$ 300,000|Technology|Boston
- Client: Boston Technology Company
- Situation: The client’s business was growing rapidly as his business was in the rapidly growing sector known as IoT (internet of things).
- Need: As additional restaurants were signing up for the client’s services, the company realized that their existing financing was insufficient for such rapid growth.
- Solution: By partnering with Prestige Capital, he was able to keep cash flow steady and sign on new accounts at a rapid pace. This was done without seeking additional equity, which would have required substantial time and energy during this fast-paced sales cycle.
CUSTOM MINTED COINS AND MEDALS
$ 1,000,000|Income Financing| Nevada
- Client: Nevada Manufacturer of Custom minted coins and medals
- Situation: Company had just filed bankruptcy and needed funds to continue production
- Need: Debtor in possession financing
- Solution: In less than a week, Prestige was able to fund the company’s accounts receivables while in chapter 11 bankruptcy so that they could fill their existing orders.
IMPORTER OF HOUSEHOLD GOODS
$ 600,000|Income Financing| New Jersey
- 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.
PERFUME PACKAGING COMPANY
$ 750,000|Income Financing| Long Island
- Client: Long Island-based perfume packaging company with $5 million in annual sales.
- Situation: The two-year-old business had a significant sales concentration which made it very difficult to obtain traditional bank financing. In addition, the company required purchase order financing to fulfill large perfume orders.
- Need: : The client needed a financing partner who could structure a unique financing solution tailored to their specific needs.
- Solution: Within one week from application, Prestige funded existing invoices to help the company pay for goods from their suppliers and simultaneously introduced them to a purchase order partner to help fund future purchase orders.
ELECTRONICS IMPORTER
$ 500,000|Income Financing |Long Island
- 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.
DENTAL HYGIENE INVENTOR
$ 1,000,000| Income Financing| Florida
- Client: Florida-based dental hygiene inventor.
- Situation: After many years of development, a start-up with an innovative product was successful in reaching an exclusive agreement with a large national retailer.
- Need: Due to the sales concentration risk, the client had difficulty obtaining traditional financing from a bank.
- Solution: Prestige provided a factoring facility of $1 million without restrictive covenants related to the sales concentration account.
FOOD AND DRUG MANUFACTURER
$ 500,000|Income Financing| Upstate NY
- 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.
ENERGY CONSULTANTS
$ 300,000|Income Financing| New York
- Client: New York-based energy consultants with $3 million in annual sales.
- Situation: The five-year-old company was experiencing slow payments from its customers causing cash flow issues.
- Need: Sought working capital to support energy conservation program sponsored by Con Edison.
- Solution: In three business days, Prestige was able to provide a $300,000 line.
ARCHITECTURAL DESIGN FIRM
$ 1,000,000|Income Financing | Connecticut
- Client: Connecticut-based architectural design firm with $10 million in annual sales.
- Situation: The six-year-old firm obtained a large project to design an amusement park exhibit which was billed on a progress basis with extended terms
- Need: The client needed immediate access to cash flow for payroll and overhead expenses.
- Solution: Within four business days, Prestige creatively confirmed payment with the customer and subsequently funded the initial phase of the project. That funding allowed the project to continue seamlessly.
CONCRETE COMPANY
$ 1,000,000| Income Financing | New Jersey
- Client: New Jersey-based third generation ready-mix concrete company with $8 million in annual sales.
- Situation: The company’s bank was taken over by the FDIC which resulted in their loss of an ongoing funding source. Without a line, the 11-year-old company was unable to pay its vendors and had to scale back operations.
- Need: In order to repay its debt to the bank/FDIC and secure financing to resume normal business operations, the company needed a finance company that was sophisticated enough to negotiate with both the bank and the FDIC attorneys to close the deal.
- Solution: After several months of bureaucratic negotiations, Prestige factored approximately $1 million in receivables, repaying the client’s debt and cleaning up its payables so that the company could return to normal operations.
Income Financing |New Jersey
MARBLE AND TILE IMPORTER
$ 3,000,000|Income Financing |Long Island
- Client: Long Island-based marble and tile importer with $10 million in annual sales.
- Situation: The twenty-year-old company had historically been self-funded. The importer experienced a cash flow crunch when its receivable turnover slowed to an unprecedented 60 days and its vendors required payment within 30 days.
- Need: The client needed a working capital line to close the accounts receivable/accounts payable gap and take advantage of trade discounts.
- Solution: Prestige provided $3 million in receivables funding. The company was no longer strained by the slow turnover of receivables and increased sales by 20% in three months.
WINDOW COMPANY
$ 5,000,000|Income Financing |New York
- 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.
STEEL COMPANY
$ 2,000,000|Income Financing |New Jersey
- Client: New Jersey-based steel company with projected sales of $10 million.
- Situation: Client historically sold on COD terms to customers but suddenly was forced to offer Net 60 day terms to retain key customer accounts. This resulted in a cash flow crunch for the business. In addition, the client had significant sales concentrations which made them unbankable.
- Need: Client needed cash flow to support daily operating expenses and to take advantage of growth opportunities.
- Solution: In less than two weeks, Prestige provided a $2 million factoring facility giving the client the necessary cash flow to operate their business while waiting 60 or more days for payment from customers. In addition, Prestige looked to the credit quality of the receivables and not the sales concentrations, in structuring a financing solution for the client that helped accelerate their growth.
CONSTRUCTION CLEAN UP COMPANY
$ 1,000,000|Income Financing |New York
- Client: NY based construction clean up company.
- Situation: The client was experiencing cash flow issues because of slow paying customers. Their banker could no longer continue covering their overdrafts therefore they referred the client to Prestige.
- Need: Steady cash flow to make their payroll without interruption.
- Solution: Prestige was able to provide immediate financing on their invoices to smooth out their cash flow which allowed them to take on additional clients and grow their business rapidly.
ARCHITECTURAL METAL AND GLASS COMPANY
$ 1,000,000|Income Financing| New York
- Client: NY based architectural metal and glass company.
- Situation: The client’s orders were growing quickly and they were having difficulty with cash flow with their current bank line.
- Need: A larger line to support their growth. Their banker recognized that by replacing their bank credit line with cash flow on their invoices, the client would be able to accept much larger contracts whose invoices would be financed by Prestige.
- Solution: The client is now able to take on much larger orders. They are grateful that their banker recognized that Prestige’s program was a better fit for their rapid growth than traditional bank financing.
SUSTAINABLE BUILDING SYSTEMS
$ 500,000|Income Financing| New York, New York
- Client: NY-based sustainable building system company with $2 million in annual sales.
- Situation: A three-year-old environmentally friendly company had experienced strong growth. Given its short history and inability to show strong financial performance, the company was unable to obtain traditional bank financing. Prestige was introduced to the client by a banker who was unable to provide a loan but wanted to provide banking services to the company.
- Need: The client needed suitable financing to support its growth.
- Solution: Within two weeks, Prestige funded the company’s current receivables with a $500,000 line and wired the funds to a new account opened at the bank that introduced Prestige to the client.
SOLAR PANEL ENGINEERING FIRM
$ 3,000,000|Income Financing| West Coast
- Client: West Coast solar panel engineering firm
- Situation: Client’s business had been funded by investors. As business grew rapidly, the investors required that the company obtain additional working capital for payroll and other day to day needs.
- Need: Client was seeking a finance company that understood the nature of their business and who could finance invoices that are often billed in milestones.
- Solution: Their investment banker brought the client to Prestige and within a week Prestige was able to put a facility in place that pleased their investors and gave the client the working capital that they needed to keep pace with their rapid growth.
AUTOMOTIVE PARTS MANUFACTURER
$ 40,000,000| Income Financing | Midwest
- Client: Midwest Automotive Parts Manufacturer
- Situation: An automotive holding company was in aggressive acquisition mode in an attempt to take advantage of the downturn in the automotive industry.
- Need: The client was looking to partner with a commercial finance source that could close complex leveraged buyouts in 2 weeks or less.
- Solution: Prestige was able to close and fund seven separate transactions totaling $40 million in combined facilities. Within 6-9 months, the client graduated to an $80 million ABL facility.
NEW YORK TRUCK REPAIR
$ 200,000|Automotive|New York
- Client: New York Truck Repair
- Situation: Company had a significant growth with one customer.
- Need: Customer created a strain on the company’s cash flow due to a significant increase in volume. Customer was unable to buy materials needed to service the customer in an efficient manner.
- Solution: Prestige Capital was able to fund the customer’s receivables even though they had a huge concentration with the one customer. Prestige Capital’s flexibility enabled us to fund receivables of customers that have large receivable concentrations.
NEW JERSEY AUTOMOTIVE PRODUCT
$ 500,000|Consumer Products| New 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.
HOSIERY MANUFACTURER
$ 2,750,000| Income Financing| New York, New York
- Client: New York-based hosiery manufacturer with $3 million in annual sales.
- Situation: This ten-year-old company had an opportunity to accept a $10 million dollar order from a well-known retailer but lacked adequate financing.
- Need: Unable to fund this larger order, the client secured purchase order financing. The purchase order financing firm, in turn, introduced the client to Prestige to factor the receivables in order to repay the purchase order financing.
- Solution: In less than two weeks, both the purchase order and factoring facilities were in place, enabling the client to manufacture the goods and quadruple sales.
IMPORTER OF MEN’S APPAREL
$ 1,000,000| Income Financing| New Jersey
- Client: New Jersey importer of men’s dress shirts.
- Situation: Client was unable to keep up with pace of orders from large retailers and their bank was unable to extend a credit facility due to the lack of financial strength of the company.
- Need: The client needed a growth facility to fill the orders from large retailers and continue to grow their business.
- Solution: Prestige provided a $1 million dollar facility so that the client would be able to fill his backlog of orders and grow his business. He has since added another division and has obtained a line of $1 million for that entity as well.
BRIDAL WEAR DESIGNER
$ 1,000,000| Factoring| New York
- 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.
WOMEN’S APPAREL COMPANY
$ 1,000,000| Income Financing |Southeast
- 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.
TEXTILE DESIGNERS AND MANUFACTURERS
$ 500,000 | Invoice Financing | New Jersey
- 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.
