Paragon Financial Provides A/R Financing to Seafood Importer
Paragon Financial Group announced that it provided a $500,000 accounts receivable financing line of credit to an importer and wholesaler of seafood. Headquartered in Miami, FL, the company imports the finest fresh and frozen seafood from Peru, Ecuador and Chili then resells it to U.S. distributors. The facility will provide ongoing working capital, enabling the company to expand.
With generations of family members in the business before her, the owner launched the company over eight years ago. From early on she realized the importance of having a reliable funding source in place to support the company’s working capital needs and growth. However, the company’s previous funding source lacked the ability to access credit information for many of the company’s customers. The factor excluded these customers from eligible collateral, which negatively affected the company’s cash flow and hampered its growth. The company began its search for a new financing source that would have knowledge of the seafood industry, access to credit information on its customers, and the ability to offer purchase order financing.
With a factoring line from Paragon, the company can now access more of the cash flow it needs to run and grow the business. “The demand is there for the company’s products. With the increased cash flow, they are able to purchase a greater volume from suppliers and negotiate better pricing, volume discounts, credit terms and shipping schedules. Our line provides them the means to improve their financial performance, build more favorable relationships with suppliers, and provide the high quality products that their customers expect,” said Michael Rossi, president of Paragon Financial Group.
“Additionally, the owner now has peace of mind when pursuing new business knowing that we have the ability to get the credit approvals she needs,” Rossi added.
For over 18 years, Paragon Financial Group has provided working capital solutions for growing companies throughout the U.S.