Platinum Funding Group Announces Factoring Deal Providing Funding Against $8 Million :: Business Articles and Info

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Platinum Funding Group Announces Factoring Deal Providing Funding Against $8 Million
Added: 03/07/2006 Type: Summary Viewed: 279 time(s) [ Not Rated Yet ]

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Platinum Funding Group Announces Factoring Deal Providing Funding Against $8 Million

Platinum Funding Group announced today that it completed a financing facility for a well established asbestos removal company based in Connecticut. Platinum provided working capital advances against $8 million of accounts receivable in 4 business days. The Connecticut-based firm has annual sales in excess of $40 million.

At the time of initial contact with Platinum, the company had a revolving line of credit with People’s Bank, a local Connecticut bank, for $2 million. The line of credit was not sufficient to meet the financial needs generated by the company’s growth.

Platinum did not impose a limit on the company’s exposure, therefore allowing them to grow and capture new markets.

The company’s President has complimented Platinum for the speed and professionalism exhibited during the transaction. Platinum will be a steady partner for the next 18 months, allowing its client to generate increased revenue.

About Platinum Funding Group.
Platinum Funding Group, a leading factoring company, provides clients with accounts receivable funding, letters of credit, bridge funding, and accounts receivable management. Established in 1992, Platinum Funding Group has been consistently helping companies with annual sales revenue between $5 million and $100 million.

Platinum Funding Group possesses the financial resources to serve the needs of clients across more than 30 industries. Platinum Funding Group holds a leading position in factoring services, issuing same day advances on accounts receivable to start-ups, fast growing firms, and companies in Chapter 11.

Platinum Funding Group is headquartered in New York City, and has a network of regional offices throughout the US.

Contact:
Layla Law-Gisiko
Chief of Staff
1-888-700-PLATINUM
www.platinumfundinggrp.com

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