Prestige Capital Finance delivered a $2 million factoring facility to a reverse logistics company that specializes in managing excess inventory on behalf of its retail clients. The company helps retailers sort clearance merchandise and retag and repackage past-season, factory-excess and customer returns.
Referred to Prestige Capital by a business consultant, this Connecticut-based company needed financing as a result of the COVID-19 pandemic. The company was impacted during shelter-in-place mandates when inventory was not moving. Recently, however, the company received a surge of requests as retailers across the U.S reopened their doors.
“Prestige is pleased to provide flexible financing to companies that were impacted by the pandemic,” Stuart Rosenthal, president of Prestige Capital, said. “Our accounts receivable financing enables businesses to access capital when they need it so that they can continue to provide uninterrupted services.”
