Paragon Provides $750,000 Factoring Line to NJ Tech Startup
Paragon Financial Group announced that they have provided a $750,000 invoice factoring line of credit to a military technology company headquartered in Trenton, NJ. The financing facility will enable the startup to pay its suppliers for manufacturing their product.
The company has developed a line of crutches designed specifically for war veterans. It recently received a large order for its product from a company that was working directly with the government. The company ran into a problem of not having sufficient capital to pay its manufacturers and suppliers.
“They came to us based on a referral from another client, which is always the best compliment we can receive,” said Michael Rossi, president of Paragon Financial Group. “This company has a great product for a wonderful cause, but as a startup business, they were unable to receive funds through traditional banking. Paragon is always open to working with startup businesses and that, combined with the referral, is what brought them to us.”
Paragon investigated the credit worthiness of the company’s suppliers, and was comfortable providing the $750,000 factoring line of credit. Without Paragon’s line of credit, the business would not have been able to fill their orders. Now that a relationship is established, they can continue an on-going process with their suppliers and manufacturers, and the business can continue to grow and thrive in the future.
Paragon Financial Group provides working capital solutions for growing companies throughout the U.S.