Paragon Provides Facility to Landscape Products Distributor
Paragon Financial Group announced that it provided a $650,000 invoice factoring line of credit to a distributor of seasonal landscape products headquartered near Gary, IN. The facility will help the company take advantage of growth opportunities.
The company distributes fertilizer and grass seed in the spring and summer; then de-icing products such as salt and sand during the winter, to retail customers such as hardware stores. They purchase the raw supplies they need, mix seed and fertilizer formulas to meet the specifications of each of their retail clients, then ship a finished product. A young organization, they had begun to grow and started getting large orders from bigger retail companies such as Ace Hardware and Menard.
The increased business opportunities brought an increased need for supplies. But the distribution company needed more working capital to pay their suppliers and couldn’t wait for receivables. The company’s broker recommended it call Paragon.
“We were competing against other factors for this account, but we were able to build a good relationship with the company. They told us they appreciated our straightforward approach in being honest about what we could do,” said Michael Rossi, president of Paragon Financial Group. “They also liked our expertise, great rates and knowledge of their industry.”
With Paragon’s invoice factoring line of credit, the company now has the working capital they need to pay suppliers upfront. The factoring credit line gives them a reliable, stable source of funding to access new opportunities and take on revenue building relationships with larger customers.
For over 18 years, Paragon Financial Group has provided working capital solutions for growing companies throughout the U.S.