Prestige Capital provided $5 million to a fashion and jewelry importer and distributor that has shifted to sell personal protective equipment and medical equipment during the COVID-19 pandemic. The importer used the funding to replenish resources required to produce these new items.
In order to survive and thrive during the pandemic, this New York-based importer and distributor leveraged its existing relationships with factories and salespeople to procure gloves and disposable masks. This resulted in a large purchase order from a retailer. The company has now expanded to sell supplies to governments, hospitals and nursing homes.
This importer came to Prestige Capital by way of a broker who was working with another lender that was not able to complete the importer’s funding requirements within a required time frame.
“Prestige is pleased to help established companies pivot during the pandemic,” Stuart Rosenthal, president of Prestige Capital, said. “Prestige has increasingly played a role in helping importers and distribution companies expand their product line to include PPE and medical supplies.”