Platinum Funding Group announces factoring deal providing funding against $8 million of accounts receivable

March 1, 2006 – New York – 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.

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