Platinum Funding Group Provides $3 Million in Financing to Automotive Industry Service Provider

Platinum Funding Group completed a $3 million factoring facility for K.C.K. Tool & Die Co., a Michigan-based manufacturer of tools and die products for the automotive industry; paid off line of credit with National City Bank.

New York and Chicago (PRWEB) July 16, 2007 -- Platinum Funding Group announced today the completion of a $3 million factoring facility for K.C.K. Tool & Die Co. ("K.C.K."), a Michigan-based manufacturer of tools and die products for the automotive, appliance, office furnishings and other heavy equipment industries. K.C.K. is a 30-year-old service company with more than $4 million in annual revenues.

K.C.K. was in distress due to the concentration of 85 percent of its receivables with one of its customers. With extended accounts payable and lack of credit terms with its suppliers, K.C.K. was in need of quick acceleration of cash flow that could only be done through invoice discounting.

Platinum Funding Group provided distress financing to K.C.K. secured by credit insurance on the receivables of K.C.K.'s major customer. Platinum also reached an agreement to pay off K.C.K.'s former lender, National City Bank.

"For several months, Platinum Funding Group worked with K.C.K. and its constituencies to overcome the high concentration of receivables and marginal credit associated with the automotive industry," said Bob Hinson, Vice President of Platinum Funding Group, who heads the company's operations in Chicago. "Constant communication with K.C.K. and National City Bank, and a strong belief in the viability of K.C.K. among Platinum's underwriting team were major factors in successfully resolving the issue so that both K.C.K. and National City Bank were satisfied with the end result."

About Platinum Funding Group:

Platinum Funding Group, a leading factoring company, provides clients with accounts receivable funding, letters of credit, bridge funding, and accounts receivable management. Established in 1992, the company has been consistently assisting companies with annual sales revenue between $1 million and $150 million. Platinum possesses the financial resources to serve the needs of clients across more than 30 industries. Platinum Funding Group holds a leading position in factoring services, issuing same day advances on accounts receivable to start-ups, 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. and in Argentina.

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