The owner incorporated in 2008 and began selling fashion accessories to retailers. Before he came to Paragon, he had already established a receivables financing line with another factoring company. The problem with the current factor was that they would only extend low credit limits on the retail stores he was selling to. He soon found Paragon Financial while researching the internet and contacted their sales department directly.
Once Paragon had approved the necessary increased credit limits and the old factoring company had been paid off, the client was able to get the additional funding they needed for growth.
Michael Rossi, President of Paragon notes, “We run into certain situations where the prospect has exhausted their current line of credit or factoring facility. Many times their financial institution either can’t or won’t increase their line. In this case, the client gets stuck. They have the ability to grow, but not the financing necessary to accommodate that growth. It can put them in a difficult situation.”
For over 17 years, Paragon has provided working capital solutions for apparel distribution companies throughout the US, servicing a variety of small to larger businesses through our accounts receivable factoring and purchase order financing programs. We offer advances up to 95% of the invoice amount and rates as low as 1%.
For additional information, contact:
Paragon Financial Group