Platinum Funding Group Energizes Compsec Electric Corporation With $12 Million Factoring Facility
NEW YORK (October 14, 2008) — Platinum Funding Group, a premier factoring provider, signed a $12 million accounts receivable factoring agreement with Compsec Electric Corporation. Compsec is a Long Island City, NY-based licensed electrical subcontractor looking to solidify its place in the market with reliable invoice financing. Platinum will provide ongoing invoice factoring and efficient AR management services to Compsec that will streamline the company’s cash flow, ensure sufficient working capital, and help it compete with other major players in their industry.
“Platinum’s reputation is staked on providing financing to its clients in a fast and flexible manner – this has been the reason for our great success in the last 16 years and for our continuous growth, as we take on larger, more complicated and more demanding deals,” remarked Eyal Levy, chairman and CEO of Platinum Funding Group. “Factoring with Platinum is the optimum financing solution for many companies in the growth mode.
Compsec has been in business since 1999 and works primarily on new construction and development projects. The company employs over 100 professionals and provides electrical services for major general contractors in the Tri-State area. The company’s chief executives have been in the industry for more than 20 years. Through the accounts receivable factoring services, Platinum will provide the working capital that Compsec needs to fund its growth.
Platinum Funding Group is the fiscally savvy option for healthy companies in construction-related sectors looking to break from traditional financing avenues. A partnership with Platinum means that the company gains monetary as well as logistical backing when competing for larger projects and high-profile clients.
About Platinum Funding Group:
Platinum Funding Group, a leading factoring company, provides clients with accounts receivable funding, bridge funding, and accounts receivable management. Established in 1992, the company has been consistently assisting companies with annual sales revenue between $2 million and $150 million. Platinum possesses the financial resources to serve the needs of clients across more than 30 industries, issuing same day advances on accounts receivable to early-stage companies, fast growing firms, and companies in Chapter 11. Platinum Funding Group is headquartered in New York City and has regional offices throughout the U.S.
Platinum Funding UK Limited commenced operations out of its United Kingdom office in the spring of 2008. Through its UK affiliate, Platinum Funding Group has expanded its services to include purchases of international receivables, with a focus on the European market.
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To find out how Platinum Funding Group can help you grow your business, call 888.700.7528, visit our web presence at www.platinumfundinggroup.com or send us an e-mail at http://www.platinumfundinggroup.com/apply_now.php.
