FOR immediate release
Platinum Funding Group Completes a Large Factoring Facility with an Automotive Supplier
NEW YORK (PRWEB), JAN 9, 2007 -- Platinum Funding Group announced today it has completed a two-year factoring facility for Griswold Manufacturing, Inc. (“Griswold”), an Ohio-based manufacturer.
Griswold manufactures custom material shipping racks for the automobile industry. General Motors is among Griswold’s major automotive customers. The company expects its sales to reach $22 million in 2007.
The funds are aimed at alleviating a working capital need that arose from the acquisition of a manufacturing facility by Griswold in October 2006.
“Platinum Funding Group has financing solutions tailored to fast-growing companies, whose cash flow needs often outpace the company’s ability to raise capital through conventional means,” said Eyal Levy, founder, chairman and CEO of Platinum Funding Group. “We also welcome the opportunity to work with an increasing number of automotive suppliers at a time when the automotive industry faces a credit crunch.”
“We truly appreciate the cooperation from everyone at Platinum,” said Tom Notaro, president of Griswold. “The company’s diligent, ‘whatever it takes’ attitude was refreshing during a time when no one else in the factoring industry was willing to take on an automotive client.”
About Platinum Funding Group
Platinum Funding Group is a leading factoring company that provides clients with accounts receivable funding, letters of credit, bridge funding and accounts receivable management. Established in 1992, Platinum Funding Group has been consistently assisting companies with annual sales between $1 million and $150 million. Platinum Funding Group possesses the financial resources to serve the needs of companies across more than 30 industries. Platinum Funding Group issues same-day advances on accounts receivable to early-stage, fast growing firms and companies in Chapter 11. Platinum Funding Group is headquartered in New York City and has a network of regional offices throughout the US.
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