Platinum Funding Group Provides Financing For IT Firm In 5 Business Days
NEW YORK (July 8 , 2008) - Platinum Funding Group, a premier factoring company, announces the funding of IT Cats, LLC, an information technology (IT) consulting company based in Sayreville, NJ. The invoice financing deal was funded within five (5) business days from initial contact with the client. IT Cats required acceleration of cash flow due to recent growth and expansion of business, in order to meet the payroll demands.
Many businesses, including IT companies, have difficulty obtaining financing in the current credit market due to overall shortfall of liquidity. Furthermore, professional service companies, such as IT firms, often lack substantial collateral beyond account receivables - something that traditional lenders often require in order to provide a line of credit. Alternative financing solutions, such as Platinum Funding Group's factoring services, can be a valuable tool for such companies in the present environment, as Platinum relies solely on the quality of the receivables, and does not limit the volume of good receivables that a client can sell.
Securing financing through Platinum Funding Group allowed IT Cats to take out Signature Bank, with which the company had a line of credit. "Platinum's service is fast and flexible, and is a great alternative to a traditional line of credit," remarked Eyal Levy, founder and CEO of Platinum Funding Group. "When partnering with a factoring company such as Platinum, a business can maximize its working capital and continue to focus on expansion without being set back by the fluctuations of the current lending environment."
IT Cats provides information technology consulting staff to other technology companies in the US. "I would like to personally thank Platinum Funding Group for all the support and assistance in funding our company," said Dan Nandan, chief executive at IT Cats. "The impact of Platinum's professionalism on the success of this deal cannot be understated." An increase in working capital, thanks to partnership with Platinum Funding Group, a premier factoring company, will allow IT Cats to continue its pattern of growth and to bring in larger contracts.
