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Prestige Capital Leads Coalition of Finance Companies to Provide $100MM Addressing Urgent Health Care Staffing Needs

May 05, 2022, 07:00 AM
Filed Under: Staffing Services
Related: Prestige Capital

Prestige Capital has a long history of providing funds to companies to address immediate working capital needs. In 2018, Prestige Capital provided a $3M factoring facility to a west coast staffing company providing both temporary and permanent staffing. A little more than a year later this client graduated from the Prestige Capital program and was able to secure financing from a traditional bank. Fast forward 2 years and this same company came back to Prestige and was quickly set up with a $24M credit line as their bank could not keep up with the client’s growth. Approximately 90 days after closing, the client was approached with an opportunity to more than triple its current volume by making them responsible for staffing up to 1,700 additional health care providers to administer COVID-19 vaccines and work in hospitals. To take on such a formidable task, they asked Prestige to raise their line from $24M to $100M. Since this level of funding was much greater than Prestige could provide on its own, Prestige leveraged their relationships with other finance companies to expeditiously provide funding so they could be the answer to the client’s opportunity and meet their needs.

“When we say relationships matter, we mean it”, says Stuart Rosenthal, President of Prestige Capital. “Our network of partners and the relationships we have with our current and former clients, allow us to find solutions fast and serve as an industry leader when there are invoices that need funding. It also allows us to explore creative ways to support our clients and collaborate with our partners.”

Prestige got to work pulling together a group of four additional finance companies to ensure the staffing agency had what it needed. The syndication included: Rosenthal & Rosenthal, Lenders Funding, Sterling Commercial Credit, and Great Elm Capital. Together, they were able to secure the $100M.

"Historically, Rosenthal & Rosenthal has not participated in a syndicated credit deal where we were not the lead lender. However, because of our prior experience working with Prestige Capital and our confidence in their ability to lead this credit, we were grateful for the opportunity and pleased to participate," said Paul Schuldiner, EVP and Chief Lending Officer at Rosenthal & Rosenthal. "This deal reflects our excellent track record of partnering with other lenders and demonstrates our capabilities and our expertise providing capital to a wide range of industries, the staffing sector among them."

The one thing that we all learned as a result of COVID was the importance of working together for the benefit of others. In this case, these companies joined forces to provide funding that not only allows this client to grow, but also contributes to supporting the health of the public in the midst of a global pandemic.

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