PLATINUM FUNDING GROUP PROVIDES $7.2 MILLION IN FINANCING TO A MANUFACTURING COMPANY
NEW YORK (November 01, 2007)—Platinum Funding Group, a leading factoring company, announced today the completion of a $7.2 million factoring facility for U.S. Miniature Lamps, Inc. (“USML”). USML is an Indianapolis, Indiana-based manufacturer and importer of incandescent and fluorescent lamps and lighting products to the appliance and electronics industry, as well as automotive manufacturers. The company has been in business since 1986 and has an additional office in Taipei, Taiwan.
Platinum Funding Group provided working capital through the purchase of the company’s accounts receivable. As part of the financing arrangement, Platinum Funding Group paid off USML’s $350,000 line of credit with American Enterprise Bank that was restricting the company’s growth. Platinum was also instrumental in securing an inventory and purchase order financing facility with a third party in order to help fund the expected future growth of USML.
“Working with Platinum Funding Group has been a very pleasant experience,” said Noah Stodghill, President of U.S. Miniature Lamps, Inc. “The ‘I am here to help’ attitude is so refreshing in today’s world. The absolute best part is when I have a question, I can talk to a real person.”
“This deal is a perfect example of the advantages of a factor over a traditional lender,” said Eyal Levy, Founder and CEO of Platinum Funding Group. “When the business is experiencing a period of rapid growth, as is the case with USML, the line of credit offered by a bank often cannot keep up with the company’s working capital needs, in effect restricting the growth. Factoring carries no such limitations as Platinum Funding Group does not set a funding ceiling for its clients – only their customers – and therefore can support the business in its most dynamic stages.”
NOTE TO EDITORS: Platinum Funding Group is a leading factoring company, which specializes in providing cash from the outright purchase of a company's accounts receivable income stream, for small and middle market companies that need to fund internal growth, a recapitalization, acquisitions, working capital or to exit Chapter 11.
For more information, visit www.PlatinumFundingGroup.com or contact:
Anna Belkina
Platinum Funding Group
212-944-2828 ext. 215
