The hazy days of summer were definitely not lazy. Prestige Capital worked on a broad range of deals in a wide spectrum of industries that reflects the state of business in 2016. There was a huge uptick in the technology and construction industries. Both have invoices that are paid based on milestone or progress billings.
In the 32-year history, Prestige has perfected systems to finance unusual types of receivables and even financed such esoteric deals as a celebrity chef who was paid in milestones for a cookbook that he wrote and TV commercials in which he appeared.
The recent closings below will give you a small taste, but assess each deal on its own merits.
New York -14 year old construction company- $1 mm line
· This company had been renovating new locations for a popular food chain which had always paid them with very short terms.
· As the retail chain grew quickly and acquired new locations, they were no longer able to pay invoices so quickly.
· By allowing for payment terms up to 90 days, Prestige provided liquidity on the backlog of receivables to give them the cash flow they needed to pay their employees and keep business growing without placing undo pressure on their customer to pay early.
New York – 5 year old concrete contractor- $1.5mm line
· This contractor had been using merchant cash advance funds to grow their business and needed to pay off those high interest rates in order to grow their business and become more profitable.
· Prestige provided invoice financing to pay off those high interest rate loans and gave them immediate liquidity to keep up with the rapid pace of their growth at a drastically lower cost.
California- 3 year old lingerie company-$500,00 line
· This company had previously only sold their products online and was recently approached by the retail community to carry their line in brick-and-mortar stores.
· They were unfamiliar with retail practices and sought Prestige Capital financing as well as guidance.
· They are now able to accept increasing orders from retailers without any interruption and are able to grow their business rapidly in this new space.
Compliments of Prestige Capital – a member of the EACCNY