Paragon Financial Provides Factoring Line to Rug Importer
Paragon Financial Group announced that it has provided a $500,000 factoring line of credit to an area rug importer headquartered in Wilmington, DE. The facility will enable the company to take on larger retail clients and grow its business.
The startup company imports a wide variety of area rugs and sells to large retailers in the United States, but needed cash to be able to pay its suppliers overseas while waiting for payment from their retailers. The company looked into a variety of factoring companies and chose Paragon Financial for its experience in the import/export arena and personable approach.
“This very young company was just beginning to grow, and got a big order from a large retailer,” said Michael Rossi, president of Paragon Financial Group. “Without factoring, they would not have had the cash they needed to take advantage of the opportunity and go forward. We’re pleased to play a small part in their success.”
With Paragon’s factoring line of credit, the company will be able to pay its suppliers in a timely manner, and grow its business knowing it has the resources in place to take on larger contracts.
For over 18 years, Paragon Financial Group has provided working capital solutions for growing companies throughout the U.S.