Paragon Financial Helps Miami Food Wholesaler with 500k Invoice Factoring Line of Credit
The company has been in business since 2006, but recently expanded into a 35,000 square foot facility. They distribute salami and other meat products to grocery stores and supermarket chains from Orlando to Key West. As their customer base continues to grow, they needed invoice financing to help them with their move into their larger facility, and to continue growing to meet the increased need of their customers. As a privately owned business with very few assets other than their outstanding account receivables, they were unable to obtain a business loan from a traditional bank. This is when the company turned to Paragon for invoice advances.
“Although we have clients through out the country, we are always thrilled to do business with a locally owned company here in South Florida”, said Michael Rossi, President of Paragon Financial Group“. “This company has had success in the past few years growing their customer base, and we are happy to be able to help them with their recent expansion and future growth.”
As a food wholesaler, the company constantly has to purchase new product and in turn sell to customers which can take 45-60 days or more to pay. Paragon investigated the credit worthiness of the company’s customers and was comfortable providing the $500,000 factoring line of credit. Without invoice financing, this business would have had difficulty supporting growth into their new facility. Thanks to the quick turnaround with Paragon, the company will now be able to grow to the next level.
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 http://www.paragonfinancial.net.
Paragon Financial Group, Inc
200 SE 9th St.
Ft Lauderdale, FL 33316
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