Paragon Financial Group announced that they have provided a $550,000 accounts receivables factoring line o (http://www.paragonfinancial.net/)
The company, which has been in business for over 10 years, ran into challenges when their suppliers refused to extend their credit. They had reached their credit limit with the supplier in China, and the supplier was no longer willing to release orders without first receiving payment. The company was not able to make the payment to the supplier, as they were waiting for accounts receivables (http://www.paragonfinancial.net/
“In this case, we were able to offer a vendor guarantee to the manufacturers in China”, said Michael Rossi, President of Paragon Financial Group“. “This means that we were in direct communication with the company our client was buying product from China, and we guaranteed them that as soon as the goods were shipped, arrived, and were accepted by the end user, Paragon would provide them direct payment from the proceeds of the factoring. We have a number of clients that import goods from around that world. In the end, the suppliers are relying on the strength of Paragon’s guarantee.”
Without Paragon coming in, negotiating with the companies overseas manufacturers, and extending a factoring line of credit, the company would have been unable to continue to fulfill their client’s orders. With Paragon’s factoring line of credit combined with their vendor guarantee, the company is now able to continue importing their goods from China and selling to their distributors here in the United States, with continued growth in the future.
About Paragon Financial Group
For over 18 years, Paragon Financial Group has provided working capital solutions for growing companies throughout the U.S. They serve small to large-size companies across a wide variety of industries through accounts receivable, invoice factoring, and purchase order financing up to $3 million per month in volume. Paragon is a leading source for receivables financing, government contract financing, payroll funding, and purchase order financing. For more information visit www.paragonfinancial.net
Paragon Financial Group
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