Prestige Capital Funding closed a $2.5 million factoring arrangement for a Florida–based designer and distributor of vascular tubing, catheters and pediatric intravenous kits for sale to institutional medical concerns.
The company was tasked by a state agency customer with sourcing FDA-approved masks for distribution to hospitals. Having confirmed the ability to fulfill the request, the company received a 12-million mask order from its customer with a narrow delivery window. Securing mask production with a deposit, the company was in need of a quick working capital solution to assure funding for the balance of the program. Originally turned down by an institutional asset-based lender due to concentration issues and the need for a very quick turnaround, the transaction was referred to Prestige Capital.
After a consultation with the owner and confirmation of the mask program’s existence, the Prestige team structured, underwrote and funded the $2.5 million factoring arrangement within six business days. The availability of funds provided by Prestige will not only allow the client working capital to complete the program but will also enable the company to pursue additional opportunities.
Prestige Capital Funding provides cash advances by converting accounts receivable into working capital for early stage and mid-size companies.
