Prestige Capital Finance delivered $5 million in working capital to an Arizona-based, audio visual (AV) firm that specializes in designing, building and installing AV systems for auditoriums, corporate boardrooms and classrooms.
As a result of the COVID-19 pandemic and the constraints the company’s bank put on its financing arrangement, the company sought a new lender. An industry peer that was unable to provide a solution due to progress billing recommended Prestige to the company. With sustained losses as a result of corporations and universities scaling back and a major client pausing AV services, the company used the proceeds from the new financing to pay off its bank and fund future projects.
“Prestige is grateful to our referral partners, including peer organizations that refer clients to us,” Stuart Rosenthal, president of Prestige Capital, said. “Throughout the pandemic, we have been able to come up with creative solutions for clients, even those that have been adversely impacted by COVID-19.”